Last Updated- Sep 28, 2009 20:54 - - 0 Comments


Italian oil company Eni buys major stakes in Ghana

EniItaly’s major oil company Eni has bought major stakes in two offshore licenses in Ghana, the Reuters news service has reported quoting a statement from Eni.

In the statement released Monday September 28, 2009, Eni said it has with Vitol Upstream Ghana Ltd., acquired 47.22% of stakes in each of the

Offshore Cape Three Points (OCTP) and Offshore Cape Three Points South (OCTPS) exploration licences. This deal makes Eni the operator of both licenses.

The statement indicated that Vitol Upstream Ghana will have 37.78 % stakes in each licence and state-owned Ghana National Petroleum Corporation (GNPC) will have 15% stakes in each project and will have a back in option for another 5% in OCTP and 10% in OCTPS.

Eni said both blocks lie in the prolific Tano/Cape Three Points oil basin, which has recently yielded some of the biggest offshore discoveries yet made in Africa, the Jubilee field. Analysts say Eni could bid for a stake in the field.

Eni said together with VUGL and GNPC it drilled the Sankofa-1 well in the OCTP block in a water depth of 850 metres this summer and the well encountered high-quality reservoir sands containing 36 metres (net) of oil and gas.

The Sankofa is a significant hydrocarbon discovery located some 35 km east of Jubilee field, it said.

The discovery of oil in Ghana was announced in June 2007. Since the announcement, major players in the global oil industry have continued to show considerable interest in the country and Eni is one of them.

Over the weekend, a delegation from Trinidad and Tobago entered the country with the intention to explore the country’s oil and gas.

By Emmanuel K. Dogbevi

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