Vitol is acquiring Eni’s interests in assets in Côte d’Ivoire and Congo for $1.65 billion, effective January 1, 2024. This includes oil and gas producing assets and ongoing exploration blocks, notably the Baleine and Congo LNG projects. The agreement reinforces the partnership between Eni and Vitol in West Africa.
Vitol is set to acquire interests in several of Eni’s assets located in Côte d’Ivoire and the Republic of Congo for a total consideration of $1.65 billion. This agreement is scheduled to commence on January 1, 2024, and will include customary cash adjustments at the time of closing.
The assets involved encompass both oil and gas production facilities, along with blocks that are currently in exploration, appraisal, and development phases. Notably, the acquisition includes a 30% participating interest in the Baleine project, where Eni retains a 77.25% ownership, as well as a 25% participating interest in the Congo LNG project, with Eni holding a 65% interest.
This new agreement enhances the ongoing partnership between Eni and Vitol, as they previously collaborated on projects such as the OCTP and Block 4 in Ghana. The acquisition is expected to strengthen their presence and operational capabilities in West Africa significantly.
In conclusion, Vitol’s acquisition of Eni’s assets in Côte d’Ivoire and the Republic of Congo marks a significant investment totaling $1.65 billion. This transaction not only expands Vitol’s portfolio in oil and gas producing and developmental assets but also exemplifies the strengthening partnership between Eni and Vitol in the West African region, following their collaboration on existing projects in Ghana.
Original Source: egyptoil-gas.com
