The State Oil Company of the Republic of Azerbaijan (SOCAR) has entered the offshore energy sector in Africa by acquiring 10 percent of the development of the Balin oil and gas field in Côte d'Ivoire. This agreement was made after obtaining all necessary permits and satisfaction with the required conditions.
Details of the Balin Project
The Balin oil and gas field, discovered in 2021, began production in 2023 and has been introduced as the first net-zero oil and gas project in Africa. After the completion of this transaction, the ownership shares in the Balin project are as follows: Eni (37.25 percent), Vitol (30 percent), Petroci (22.75 percent), and SOCAR (10 percent).
Read more: Oil and Development: Launch of the Major 1,635-kilometer Pipeline Project in 2027
SOCAR's Global Expansion Strategy
By participating in the Balin project, one of the largest oil and gas discoveries in West Africa in recent years, SOCAR has taken an important step towards its long-term strategy to diversify its investment portfolio and expand its international operations. The company has also recently continued to expand its global upstream base by acquiring a stake in an oil field in the Caspian Sea.
Future Projects and Equipment Supply
Eni has approached Altura Oil Company to supply a new Floating Production Storage and Offloading (FPSO) vessel for the development of Phase 3 of the Balin field. The Final Investment Decision (FID) will be made in May 2026, and this project is based on the delivery of Phase 2 of the Balin field, where the Petrojarl Kong vessel and the Yamoussoukro storage vessel have been redeployed and are currently in operation. The new vessel, to be built by Wison Energy in China, will be capable of producing 90,000 barrels of oil per day and processing 160 million cubic feet of gas per day, with a storage capacity of 1.4 million barrels of crude oil.
This acquisition marks SOCAR's entry into the upstream sector of Africa and emphasizes the company's long-term strategy to expand its global reach. Given these developments, SOCAR aims to strengthen its position in international markets and increase its footprint in oil and gas projects in new regions.
Read more: Petrobras Signs Contract for Supply of Thermal Composite Pipes with Stroham · Valeura Energy Receives License to Expand Oil Activities in the Gulf of Thailand
