Vitol is set to acquire interests in Eni’s assets in Côte d’Ivoire and Congo for $1.65 billion effective January 1, 2024. This includes a 30% stake in the Baleine project and a 25% stake in the Congo LNG project, enhancing their existing partnership in the region.
Vitol has entered into an agreement to acquire interests in various assets owned by Eni in both Côte d’Ivoire and Congo for a total consideration of $1.65 billion, effective January 1, 2024. This acquisition will be subject to standard cash adjustments upon closing.
The assets involved comprise oil and gas production assets, as well as blocks dedicated for exploration, appraisal, and development. Notably, the Baleine project in Côte d’Ivoire will see Vitol acquiring a 30% interest from Eni, which currently holds a 77.25% ownership stake. Additionally, in the Republic of Congo, Vitol will procure a 25% interest in the Congo LNG project, where Eni possesses a 65% participating interest.
This agreement builds on the existing partnership between Eni and Vitol, who are already collaborating on the OCTP and Block 4 projects in Ghana. The acquisition represents a strategic move that further strengthens their cooperation in the West African region.
In conclusion, Vitol’s acquisition of Eni’s assets in Côte d’Ivoire and Congo marks a significant investment of $1.65 billion, expanding its portfolio in both oil and gas sectors. The partnership reinforces the existing collaborative efforts between the two companies in West Africa, particularly in the Baleine and Congo LNG projects.
Original Source: egyptoil-gas.com
