Vitol will acquire Eni’s interests in assets in Côte d’Ivoire and Congo for $1.65 billion. The deal includes oil and gas producing assets and exploration blocks. Notable projects include the Baleine project in Côte d’Ivoire and the Congo LNG project. This acquisition further strengthens the existing partnership between Vitol and Eni in West Africa.
Vitol has reached a significant agreement to acquire interests in various assets held by Eni in Côte d’Ivoire and the Republic of Congo, with a total consideration of $1.65 billion effective January 1, 2024. The transaction will include a standard cash adjustment at the closing date.
This acquisition encompasses oil and gas-producing assets as well as blocks that are currently in the exploration, appraisal, and development stages. Notably, Vitol will obtain a 30% participating interest in the Baleine project in Côte d’Ivoire, where Eni retains a 77.25% stake. Additionally, Vitol intends to acquire a 25% interest in the Congo LNG project, in which Eni holds a 65% participating interest.
The collaboration between Eni and Vitol is already well-established, as the two companies are partners in the OCTP and Block 4 projects located in Ghana. This new agreement enhances their cooperative endeavors in the West African region, marking a strategic move for both entities in expanding their influence in oil and gas markets.
In conclusion, Vitol’s acquisition of Eni’s assets in Côte d’Ivoire and Congo represents a strategic expansion in their partnership, aligning with their existing projects in West Africa. With a financial commitment of $1.65 billion, this transaction fortifies Vitol’s position in the oil and gas industry within the region, showcasing a consolidation of partnerships that may lead to further opportunities for both companies.
Original Source: egyptoil-gas.com
