Italian energy group Eni has agreed to sell stakes in assets in Côte d’Ivoire and the Republic of Congo to global energy trader Vitol for an aggregate value of $1.65 billion on January 1, 2024, with a cash adjustment at the closing.

Vitol will acquire an interest in oil and gas producing assets and blocks undergoing exploration, appraisal and development, Eni said in a statement on Wednesday.

The deal includes the Baleine project in Côte d’Ivoire, where Eni has a 77.25% ownership interest and Vitol will acquire a 30% stake, and the Congo LNG project in the Republic of Congo, where Eni has a 65% stake and Vitol will acquire a 25% participating interest.

Eni and the Ministry of Mines, Oil and Energy of Côte d’Ivoire signed contracts for the acquisition of 4 new exploration blocks in the country’s offshore in November 2024.

Present in Côte d'Ivoire in the exploration sector, Eni says it has been working on the development of Baleine, the “most important hydrocarbon discovery in the country and the first project with net zero scope 1 and 2 emissions development in Africa.”