Eni, Vitol Ink Gas MoU with Ghana

Eni, Vitol Ink Gas MoU with Ghana

Eni, together with Vitol, signed a Memorandum of Understanding (MoU) with the Government of Ghana, represented by the Minister of Energy, and Ghana National Petroleum Corporation (GNPC) for the development and commercialization of discovered gas resources in the Offshore Cape Three Points (OCTP) Block located in the Tano Basin of Ghana.

The OCTP Block is operated by Eni with a 47.222% stake, in partnership with Vitol (37.778%) and GNPC (15%).

The MoU sets out the key principles for future development of the discoveries and commercialization of the gas within the contract area. The MoU focuses particularly on the domestic gas market, in which Eni and its joint venture partners wish to play a prominent role.

The signing of this MoU is in line with Eni’s growth strategy in the region and reaffirms the company’s leading position in exploiting indigenous gas resources and contributing to the socio-economic growth of the countries where it operates.

Eni has been present in Ghana since 2009 and currently operates the two exploration blocks of OCTP (Offshore Cape Three Points) and Offshore Keta.

Eni has been present in Sub Saharan Africa since the 1960’s and is now operating exploration and production projects in Angola, Congo, Ghana, Gabon, Mozambique, Nigeria, Democratic Republic of Congo, Togo, Kenya and Liberia. With a rapidly growing successful exploration activity, Eni’s current operated production in the region is approximately 450,000 barrels of oil equivalent per day.

LNG World News Staff, August 21, 2012