Eni, together with partner Vitol, have signed a Memorandum of Understanding (MoU) with the Government of Ghana, represented by the Minister of Energy, and the 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%).

Announcing this in a press release on Tuesday, Eni said ?the MoU sets out the key principles for future development of the discoveries and commercialization of the gas within the contract area,? adding that it ?focuses particularly on the domestic gas market, in which Eni and its joint venture partners wish to play a prominent role.?

The signing of the MoU, according to Eni, is in line with its 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.

The signing of the MoU takes place at a time when Sinopec of China, under an agreement with the Ghana National Gas Company (Ghana Gas) is set to commence the laying of onshore pipeline for the transmission of natural gas to be processed by a 150MMscfpd capacity plant at Atuabo in the Ellembelle District to fuel the Aboadze thermal plant near Takoradi.
?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,? the statement said, concluding that ?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.?

Source: The Business Analyst?

The print version of this article was first published in The Business Analyst of Wednesday, 15th August ? Tuesday, 21st August, 2012. E-Mail: [email protected]



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