Vitol to Acquire Eni’s Assets in Côte d’Ivoire and Congo for $1.65 Billion

Vitol is set to acquire Eni’s assets in Côte d’Ivoire and Congo for $1.65 billion, effective January 2024. The acquisition includes oil and gas production assets, notably the Baleine and Congo LNG projects. This agreement reinforces the existing partnership between Vitol and Eni in West Africa.

Vitol has entered into a significant agreement to acquire interests in a variety of assets owned by Eni located in Côte d’Ivoire and Congo. The total consideration for this transaction is set at $1.65 billion, effective January 1, 2024, and will include standard cash adjustments at the time of closing.

The acquisition encompasses both oil and gas production assets as well as blocks that are in stages of exploration, appraisal, and development. Key projects mentioned include the Baleine project in Côte d’Ivoire, where Eni maintains a 77.25% ownership, and Vitol will secure a 30% participating interest. Additionally, the Congo LNG project in the Republic of Congo will see Vitol acquiring a 25% participating interest from Eni, which holds a 65% stake.

This partnership is not new, as Eni and Vitol have previously collaborated in the OCTP and Block 4 projects in Ghana. The recent acquisition agreement marks an extension of their cooperative endeavors within West Africa, underscoring a robust business relationship between the two entities.

In summary, Vitol’s acquisition of Eni’s assets in Côte d’Ivoire and Congo, totaling $1.65 billion, significantly enhances its position in the region’s oil and gas sector. By gaining interests in both production and exploration phases, this deal strengthens the longstanding partnership between Eni and Vitol, continuing their collaborative efforts in West Africa.

Original Source: egyptoil-gas.com