Vitol to Acquire Key Assets from Eni in Côte d’Ivoire and Congo

Vitol is set to acquire assets from Eni in Côte d’Ivoire and the Republic of Congo for $1.65 billion. This includes interests in oil and gas production as well as exploration projects. Key assets involved are the Baleine and Congo LNG projects. The deal enhances the existing partnership between Vitol and Eni in West Africa.

Vitol, a prominent global energy and commodities company, has entered into a significant agreement with Eni to acquire various assets located in Côte d’Ivoire and the Republic of Congo, with the total cost amounting to $1.65 billion as of January 1, 2024. This acquisition includes both oil and gas production assets, as well as blocks that are currently under exploration, appraisal, and development.

Notably, the deal encompasses the Baleine project in Côte d’Ivoire, in which Eni holds a 77.25% interest, allowing Vitol to obtain a 30% participating interest. Furthermore, in the Congo LNG project, Vitol is poised to acquire a 25% participating interest, with Eni maintaining a 65% stake. This agreement not only enhances Vitol’s portfolio in the region but also solidifies the existing partnership between Vitol and Eni, who are already collaborating on the OCTP and Block 4 projects in Ghana, further bolstering their cooperative efforts in West Africa.

The agreement between Vitol and Eni marks a considerable expansion of Vitol’s interests in the oil and gas sectors of Côte d’Ivoire and the Republic of Congo, while also reinforcing the strategic partnership between the two companies. With investments in vital projects such as Baleine and the Congo LNG, this collaboration signifies a strengthened commitment to advancing energy development in West Africa.

Original Source: egyptoil-gas.com