Vitol is set to acquire Eni’s assets in Côte d’Ivoire and Congo for $1.65 billion, effective January 1, 2024. The acquisition includes oil and gas producing assets and exploration projects, notably the Baleine project and Congo LNG. This agreement strengthens the partnership between Vitol and Eni in West Africa.
Vitol has announced a significant agreement to acquire a portion of Eni’s assets in Côte d’Ivoire and the Republic of Congo, valued at $1.65 billion, effective January 1, 2024. This transaction includes both cash adjustments at the closing and interests in active oil and gas producing assets, as well as exploration and development blocks.
Prominent assets involved in this acquisition are the Baleine project in Côte d’Ivoire, where Eni holds a 77.25% ownership and Vitol will take a 30% participating interest. Additionally, in the Republic of Congo’s LNG project, Eni’s 65% ownership will see Vitol acquiring a 25% interest. Through this agreement, Vitol and Eni strengthen their existing partnership, which includes collaboration on the OCTP and Block 4 projects in Ghana, emphasizing their commitment to cooperation in West Africa.
In summary, Vitol’s acquisition of Eni’s assets in Côte d’Ivoire and Congo marks a valuable expansion of their interests in the region. The deal, encompassing both production assets and developmental projects, reinforces the existing partnership between the two companies, highlighting their collaborative efforts in the West African oil and gas sector.
Original Source: egyptoil-gas.com
