White & Case Advised SOCAR On Acquisition Of Interest In Baleine Field
White & Case advises SOCAR on acquisition of 10% participating interest in the Baleine offshore field, Côte d’Ivoire.
White & Case advised SOCAR on acquisition of interest in Baleine field
The global law firm, White & Case LLP advised State Oil Company of the Republic of Azerbaijan (SOCAR) on its acquisition of a 10% participating interest in the Baleine field, located offshore Côte d’Ivoire, from Eni S.p.A..
The Baleine field, situated off the coast of Abidjan, is operated by Eni Côte d’Ivoire Limited and is being developed in three phases, with first oil achieved in August 2023. Notably, the Baleine field is Africa’s first net-zero development (Scope 1 and 2) and generates carbon credits to offset greenhouse gas emissions.
Mukund Dhar (Partner and Co-Head, Global Energy Industry Group) commented:
“SOCAR’s entry into the African upstream market through this milestone transaction marks a significant step in its international growth strategy, targeting high-potential assets and technologically advanced offshore projects.”
Margot Berry (Partner), who also co-led the transaction, added,
“This deal highlights Africa’s growing role in the global energy landscape and underscores the importance of strong international partnerships in upstream M&A.”
The White & Case team advising on the transaction was co-led by Mukund Dhar (Partner) and Margot Berry (Partner), with support from David Murray (Partner) and Jessica Kemp (Partner). The wider team included Iman Algubari, Alec Buchanan, Jennifer Tang, Mofe Onuwaje, Ronald Lee and Ed Pearson (Associates, London), Raphael Papon and Noan Frechard (Associates, Paris), Stef de Gouveia (Johannesburg) and Cameron Lee (Singapore).
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