Commodity trader Vitol has agreed with Italian explorer ENI to acquire interests in certain assets owned by ENI in Côte…

The post Vitol Paddles Further Upstream, Takes Shares in ENI’s Congo and Côte d’Ivoire Assets first appeared on Africa’s premier report on the oil, gas and energy landscape..

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Vitol, a leading global energy trader, has taken a significant step in expanding its upstream oil and gas portfolio by acquiring stakes in Eni’s assets in the Republic of Congo and Côte d’Ivoire. This strategic move is valued at approximately $1.65 billion and is expected to strengthen Vitol’s presence in Africa’s growing energy sector.

Deal Overview

Under the terms of the agreement, Vitol will acquire:

  • A 30% stake in the Baleine project in Côte d’Ivoire, Eni’s flagship offshore oil field.

  • A 25% stake in the Congo LNG project, a key liquefied natural gas (LNG) development in the Republic of Congo.

The acquisition aligns with Eni’s broader strategy to divest stakes in high-value assets to optimize its upstream portfolio while retaining operational control.

The Baleine Project – Côte d’Ivoire’s Largest Oil Discovery

The Baleine field, discovered in 2021, is the largest hydrocarbon discovery in Côte d’Ivoire’s history. It is also Africa’s first net-zero emissions oil and gas development, leveraging carbon capture and renewable energy solutions.

  • Production began in 2023 and is currently exceeding 60,000 barrels of oil equivalent per day (boepd).

  • Future phases aim to increase production to over 150,000 boepd.

  • The project strengthens Côte d’Ivoire’s position as an emerging energy hub, reducing reliance on imports and boosting government revenue.

Congo LNG – Strengthening Africa’s Gas Market

The Congo LNG project is a critical part of the Republic of Congo’s natural gas strategy.

  • First LNG exports commenced in February 2024, with an initial capacity of 1 billion cubic meters per year.

  • The second phase, scheduled for late 2025, will increase LNG output to 4.5 billion cubic meters annually.

  • The project aims to diversify the country’s energy mix, enhance gas monetization, and support regional energy security.

Eni operates the project in partnership with the Congolese government, ensuring long-term economic benefits through LNG exports.

Strategic Implications for Vitol and Eni

This acquisition strengthens Vitol’s position in West Africa’s upstream sector, complementing its existing partnerships with Eni, including in Ghana.

For Eni, the deal allows it to:

  • Monetize exploration successes early while retaining operational control.

  • Reallocate capital to other high-growth projects in its global portfolio.

  • Strengthen its relationship with Vitol, a key trading and investment partner.

Regulatory and Closing Process

The transaction is subject to regulatory approvals and standard closing conditions. Once finalized, it will mark one of the most significant private sector investments in African energy infrastructure in recent years.

Vitol’s acquisition of stakes in Eni’s upstream assets signals growing investor confidence in Africa’s oil and gas sector. As both Côte d’Ivoire and the Republic of Congo push forward with energy reforms and production expansions, partnerships like this will be crucial in shaping the region’s economic and energy landscape.