Vitol Acquires Key Stakes in Eni’s West African Assets for $1.65 Billion

Eni has reached an agreement with Vitol, under which Vitol will acquire stakes in certain Eni-owned assets in the Ivory Coast and the Republic of Congo for a total consideration of $1.65 billion as of January 1, 2024, with standard cash adjustments at closure. Vitol will acquire interests in both producing oil and gas assets and blocks under exploration, evaluation, and development. The deal includes the Baleine project in Ivory Coast and the Congo LNG project in the Republic of Congo. Lazard acted as financial advisor to Eni, supporting the transaction with a team led by Marco Samaja, CEO of Lazard Italy. This transaction aligns with Eni's strategy to optimize upstream activities by rebalancing its portfolio through the early realization of exploratory findings and reducing its stakes, while consolidating Vitol's presence in West Africa's upstream sector. Both companies are expected to finalize the acquisition and sale agreements swiftly, although completion will be contingent upon the fulfillment of certain conditions, including regulatory approvals.