Eni Finalizes Sale of 30% Interest in the Baleine Field to Vitol

Eni S.p.A. E, an Italian integrated energy company, has completed the sale of a 30% interest in the Baleine project, offshore Côte d’Ivoire, to Vitol, a global energy and commodity trading firm. The divestiture diluted Eni’s ownership stake in the Baleine project. Eni is currently the operator of the project, with a 47.25% stake, while Vitol and Petroci hold 30% and 22.75%, respectively.The Baleine field is the largest oil and gas discovery made by any energy firm in Côte d’Ivoire. It is also the first net-zero development in the region. The field was discovered in 2021. Per Eni, the field began production within two years in 2023. Phase 2 of the project came online just a year later in December 2024. From Phases 1 and 2, the current production from the Baleine field is approximately 62,000 barrels of oil and more than 75 million cubic feet of gas per day. With Phase 3 due to come online, production from the field is expected to reach nearly 150,000 barrels of oil and 200 million cubic feet of gas per day.The announcement regarding the acquisition of certain stakes in Eni’s West African assets by Vitol was made in March. Along with the sale of partial stakes in the Baleine project, the announcement also mentioned that Vitol intends to acquire a 25% participating interest in Congo LNG. E stated that this move aligns with its strategy of streamlining its upstream portfolio to make its operations more profitable and efficient. Notably, the company implements a dual exploration model that aims to monetize its new hydrocarbon discoveries by divesting a part of its ownership stake. This helps Eni recoup a part of its investment quickly and reduce financial risks.E’s Zacks Rank & Other Key PicksCurrently, E carries a Zacks Rank #2 (Buy).Some other top-ranked stocks from the energy sector are Repsol S.A. REPYY, Galp Energia SGPS SA GLPEY and Oceaneering International Inc. OII. While Repsol sports a Zacks Rank #1 (Strong Buy), Galp Energia and Oceaneering International carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks Rank #1 stocks here.Repsol is a global multi-energy company, involved in exploration and production activities as well as refining and marketing petroleum products. The company is also actively involved in transitioning toward cleaner and more sustainable energy solutions. This suggests that Repsol is positioning itself in line with global energy transition needs.Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth. Free Report: Profiting from the 2nd Wave of AI ExplosionThe next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.Investors who bought shares like Nvidia at the right time have had a shot at huge gains.But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.Access AI Boom 2.0 now, absolutely free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Repsol SA (REPYY): Free Stock Analysis Report Galp Energia SGPS SA (GLPEY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks