Wednesday, March 30, 2016

ENI and Vitol Gain New Ghanaian Acreage


ENI and Vitol have been awarded stakes in a new exploration license offshore Ghana. The two firms, along with local partners GNPC, Woodfields Upstream Ghana, and GNPC Exploration and Production Co. (Exploreco) were awarded the Cape Three Points Block 4 in the prolific Tano basin.

The Cape Three Points Block 4 license was awarded following the ratification by Ghana’s parliament.

The new block covers an area of 1,127 sq km in water depths ranging from 100 to 1,200 meters and partially surrounds the OCTP block also operated by ENI. In the event of a successful exploration outcome, the block will benefit from the OCTP project infrastructures, currently under development.

ENI operates the OCTP project, which involves the integration and synergic development of the various oil and gas discoveries (Sankofa Main, Sankofa East and Gye-Nyame). The project envisages the development of subsea wells tied-back to a FPSO which will be connected to shore via a gas transport line. The OCTP oil production start-up is expected in 2017 while the gas production, which will supply the domestic market for power generation, is expected in 2018.

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