Global law firm White & Case LLP has advised the State Oil Company of the Republic of Azerbaijan (SOCAR) on the acquisition of a 10% participating interest in the Baleine field, located offshore Cote d'Ivoire, from Eni S.p.A.
The Baleine field, located off the coast of Abidjan, Cote d'Ivoire, is operated by Eni Côte d'Ivoire Limited. The Baleine field is currently being developed in three phases, with first oil achieved in August 2023. The Baleine field is also the first net-zero development (scope 1 and 2) in Africa, generating carbon credits to offset Greenhouse Gas emissions.
White & Case partner and co-head of the Firm's Global Energy Industry Group, Mukund Dhar, said: "SOCAR's entry into the African upstream market through this milestone transaction marks a significant step in their international growth, targeting high-potential assets and technologically advanced offshore projects." White & Case partner Margot Berry, who also co-led on the transaction said: "This deal highlights Africa's growing role in global energy and the power of strong international partnerships in upstream M&A."
The White & Case team which advised on the transaction was co-led by partners Mukund Dhar and Margot Berry, and included partners David Murray, Jessica Kemp (all London) and included associates Iman Algubari, Alec Buchanan, Jennifer Tang, Mofe Onuwaje, Ronald Lee and Ed Pearson (all London), Raphael Papon and Noan Frechard (both Paris), Stef de Gouveia (Johannesburg) and Cameron Lee (Singapore).
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