Vitol is set to acquire Eni’s assets in Côte d’Ivoire and Congo for $1.65 billion, effective January 1, 2024. The deal includes oil and gas assets, notably the Baleine and Congo LNG projects, enhancing cooperation between Vitol and Eni in West Africa.
Vitol has entered into an agreement to acquire interests in several assets held by Eni in Côte d’Ivoire and Congo for $1.65 billion as of January 1, 2024, with standard cash adjustments at the closing. This acquisition encompasses both oil and gas production assets, as well as blocks that are in various stages of exploration, appraisal, and development.
A significant part of the acquisition includes the Baleine project in Côte d’Ivoire, where Eni owns 77.25% and Vitol will gain a 30% participating interest. Additionally, in the Republic of Congo, Vitol will acquire a 25% participating interest in the Congo LNG project, where Eni currently holds a 65% interest. This move enhances cooperation between Vitol and Eni, who are already collaborators in the OCTP and Block 4 projects in Ghana, reinforcing their partnership in West Africa.
Vitol has solidified its presence in the West African oil and gas sector through its acquisition of Eni’s interests in Côte d’Ivoire and Congo, amounting to $1.65 billion. These assets include critical projects like the Baleine project and the Congo LNG project, highlighting a strengthened collaboration between the companies. This agreement not only expands Vitol’s portfolio but also underscores ongoing partnerships in the region.
Original Source: egyptoil-gas.com
