Eni has sold a 30% stake in the Baleine oil and gas project offshore Cote d’Ivoire to Vitol, the world’s biggest independent oil trader. Eni now owns 47.25%, Vitol 30%, and Cote d’Ivoire’s Petroci 22.75%. The sale is part of Eni’s strategy to optimize its upstream portfolio by divesting equity stakes.

The Baleine field produces over 62,000 barrels of oil and 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day. Vitol previously bought stakes in Eni’s West African assets for $1.65 billion.

Eni follows a dual exploration model, selling majority stakes to accelerate discoveries to production. Vitol aims to expand its presence in upstream and downstream assets. Eni and Vitol are already partners in Ghana and are strengthening cooperation in West Africa. Vitol has a long-standing presence in West Africa’s upstream and related investments.

Read more at Yahoo Finance: Eni Sells 30% in Cote d’Ivoire Oil and Gas Project to Top Trader