Eni and its Offshore Cape Three Points (OCTP) project partners, Vitol, and the Ghana National Petroleum Corporation (GNPC) have signed a Memorandum of Intent with the government to increase the country’s oil and gas production, including undertaking new sustainable initiatives.
The government was represented by the Minister of Energy and Green Transition, John Abdulai Jinapor, and the Minister of Finance, Dr Cassiel Ato Forson.
President John Dramani Mahama witnessed the signing ceremony in Accra yesterday as part of activities to commemorate Africa Oil Week.
Objectives
The agreement would evaluate a comprehensive and integrated investment plan to achieve national goals for reliable, affordable and low-impact access to energy.
Among the key initiatives proposed were a possible increase in OCTP project production capacity and leveraging synergies between offshore and onshore upgrades to meet the country’s growing domestic energy demands.
The collaboration also focused on the evaluation of exploration activities and a new potential development of the Eban-Akoma field in Cape Three Points Block Four, which, following the declaration of commerciality announced in July this year, is set to become a new and significant source of supply, leveraging existing infrastructure for the benefit of value and time to market.
Eni and OCTP partners have already invested over $10 million in social programmes directly benefiting more than 10,000 people in the areas of education, access to clean water, health and hygiene, and support for the local economic fabric.
With the launch of a second phase, new initiatives would be introduced in these areas, while services dedicated to the development of micro, small, and medium-sized enterprises will be expanded.
Background
Eni has been present in Ghana since 2009 with offshore hydrocarbon exploration and production activities, with an equity production of around 34,000 barrels of oil equivalent per day.
The company operates the OCTP project with a 44.4 per cent stake, in partnership with Vitol (35.6 per cent) and the Ghana National Petroleum Corporation (20 per cent).
Since 2018, the OCTP project has produced over 107 million barrels of oil and 480 billion standard cubic feet (Bscf) of gas, helping to meet approximately 70 per cent of the country’s gas demand for power generation.
The joint venture's project portfolio also includes initiatives in training, economic diversification, access to water and sanitation, and energy.
