Eni has agreed to sell stakes in upstream assets in Ivory Coast and the Republic of the Congo to global energy trader Vitol, the Italian energy group said.
Eni said the deal was worth $1.65 billion based on a valuation from January 1, 2024, but that there would be a cash adjustment at closing.
Vitol will acquire an interest in oil and gas producing assets and blocks undergoing exploration, appraisal and development, Eni said in a statement.
The deal includes the Baleine project in Ivory Coast, where Eni has a 77.25 per cent ownership interest and Vitol will acquire a 30 per cent stake, and the Congo liquefied natural gas (LNG) project in the Republic of the Congo, where Eni has a 65 per cent stake and Vitol will acquire a 25 per cent interest.
The agreement is part of Eni's 'dual exploration model' strategy, which is based on spinning off stakes in high-potential oil and gas projects to get rapid income from its exploration discoveries.
Sources at the Italian energy group told Reuters last year that Eni could sell stakes in its upstream projects in Ivory Coast and Indonesia.
Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana. The latest agreement further consolidates cooperation between the two companies in West Africa.
The giant Baleine field in Ivory Coast was discovered in 2021 and current hydrocarbon production there exceeds 60,000 barrels of oil equivalent per day. It is Eni's first development in Ivory Coast, and the first net-zero development in Africa.
Congo LNG started exporting liquefied gas in February 2024. It currently produces 1 billion cubic metres (BCM) per year of LNG. -Reuters