Eni, Vitol sign MoUs for 2 offshore blocks

Eni Ghana and Vitol Upstream Tano Ltd have entered into two Memoranda of Understanding (MoUs) with the Ghanaian government, covering two offshore blocks in the Tano Basin. The agreements pertain to the GH WB three and GH WB eight blocks, which together span approximately 2,100 square kilometres. The water depths in these blocks range from 750 to 2,800 metres.

The MoUs were signed by the Minister of Energy and Green Transition, Mr John Jinapor, during a ceremony attended by executives from the Ghana National Petroleum Corporation (GNPC). This development follows a Memorandum of Intent signed between the parties last year, indicating Eni's commitment to investment and exploration in Ghana's upstream petroleum sector.

The agreements align with Eni's near-field and Infrastructure-Led Exploration (ILX) strategy, aiming to utilize existing infrastructure and proximity to established producing areas to maximize the potential of the identified fields. Eni's presence in Ghana dates back to 2009, and it currently operates as the operator of the Offshore Cape Three Points (OCTP) project, holding a 44.4 per cent stake in it. Vitol has a 35.6 per cent interest, and the Ghana National Petroleum Corporation (GNPC) holds the remaining 20 per cent.

The joint venture's portfolio extends beyond hydrocarbon exploration, encompassing initiatives in training, economic diversification, access to water and sanitation, and energy access.