Eni Ghana awarded new exploration licence

Eni Ghana awarded new exploration licence

-  A consortium comprising GNPC, Explorco, Vitol, Eni and Woodfields has been awarded a new exploration licence in Ghana, for the Cape Three Points Block 4

- Oil production start-up is expected in 2017, while the gas production which will supply the domestic market for power generation to 2036, is expected in 2018

- The Cape Three Points Block 4, located in the Tano basin, offshore Ghana. 

Eni Ghana awarded new exploration licence

Italian multinational oil and gas company, Eni has been awarded a new exploration licence in Ghana, for the Cape Three Points Block 4, located in the Tano basin. The licence was awarded to a consortium comprising GNPC, Explorco, Vitol, Eni and Woodfields, following the ratification by Parliament.

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The joint venture is as follows: Eni Ghana (with 42.4691% stake) as operator, Vitol Upstream Tano (with 33.9753% stake), Ghana National Petroleum Corporation (GNPC with 10% stake), Woodfields Upstream Ghana (9.5556% stake) and GNPC Exploration and Production Company (Explorco,4% stake).

The new block covers an area of 1127 km in water depths ranging from 100 to 1200 m and partially surrounds the OCTP block also operated by Eni. Should the exploration outcome be successful, the block will benefit from the OCTP project infrastructures, currently under development.

The existing project involves the development of multiple subsea wells tied back to a FPSO which will be connected to shore via a gas export line. Oil production start-up is expected in 2017, while the gas production which will supply the domestic market for power generation to 2036, is expected in 2018.

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Eni has been a prescence in Ghana since 2009 where it operates through the subsidiary Eni Ghana. In the Country, the company has also undertaken important social programmes including the Health Project in the Western Region for the benefit of a population of over 300 000 people. The acquisition will help to further strengthen the company’s position in the Ghanaian offshore.

Vitol's E&P business has been present in Ghana since 2006 when it was awarded the licence for the Sankofa and Gye Nyame fields.

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