Vitol will acquire interests in Eni’s assets in Côte d’Ivoire and Congo for $1.65 billion as of January 1, 2024. The acquisition includes oil and gas-producing assets, notably a 30% interest in the Baleine project and a 25% interest in the Congo LNG project. This further solidifies the cooperation between Vitol and Eni in West Africa.
Vitol has entered into an agreement to acquire select assets from Eni in Côte d’Ivoire and Congo, amounting to a total consideration of $1.65 billion, effective January 1, 2024, with cash adjustments occurring at closing. The transaction encompasses interests in both oil and gas-producing assets, as well as blocks designated for exploration, appraisal, and development.
Among the highlights of the acquisition, Vitol will obtain a 30% participating interest in the Baleine project in Côte d’Ivoire, where Eni holds a 77.25% ownership stake. Additionally, Vitol will secure a 25% stake in the Congo LNG project, in which Eni possesses a 65% interest. This deal not only diversifies Vitol’s portfolio but also reinforces the existing partnership between Eni and Vitol, who are already engaged in the OCTP and Block 4 projects in Ghana.
In summary, Vitol’s acquisition of Eni’s assets in Côte d’Ivoire and Congo signifies a strategic expansion into oil and gas sectors within these regions. With a notable investment of $1.65 billion, this move strengthens the ongoing collaboration between Vitol and Eni, enhancing their operational footprint in West Africa.
Original Source: egyptoil-gas.com
