Azerbaijan's state oil company, SOCAR, has moved into Africa's offshore energy scene by picking up a stake in an oil and gas field off the coast of Côte d'Ivoire. The company has finished acquiring a 10% ownership interest in the Baleine oil and gas field development project in the Republic of Côte d'Ivoire, after securing all the required approvals and meeting the necessary conditions.

SOCAR put it this way: "Our participation in Baleine, one of the largest oil and gas discoveries made in West Africa in recent years, marks an important step in our long-term strategy to diversify our investment portfolio and expand the geographical reach of our international operations."

Baleine, operated by Italy's Eni, was discovered in 2021 and began production in 2023. Its operator describes it as Africa's first net-zero emissions offshore oil and gas project. Now that the deal has closed, the ownership stands as follows: Eni holds 37.25%, Vitol 30%, Petroci 22.75%, and SOCAR 10%.

Buying into Baleine lets SOCAR enter the oil and gas exploration and production market in Africa, and it lines up with the company's long-term plan to grow its international activity in that sector. The acquisition also marks SOCAR's entry into Africa's upstream........

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