Five-hundred fifty million barrels of oil discovered off Ghana coast
Five-hundred fifty million barrels of oil discovered off Ghana coast

Government of Ghana has awarded a new oil block to its partners in the Sankofa-Gye Nyame; Off Cape Three Points (OCTP) production field, a release said here on Wednesday.

This award is an outcome of Ghana’s first international competitive bid round, in which the government had put five Blocks on offer in water depths ranging from 100 to 4,400m.

Per the new contract, Eni of Italy and its partner Vitol 30 of America have received the rights to Block WB03, located in the medium deep waters of the prolific Tano Basin, offshore Ghana.

The Block Three Joint Venture will also include the Ghana National Petroleum Corporation (GNPC) and a local private participant yet to be identified.

The open bidding process aims at ensuring transparency in the award of blocks as Ghana strives to discover more hydrocarbons, to sustain the young oil industry.

Eni, the operator of the new field, said in a statement that this new license would further consolidate its presence in the West African country.

The government of Ghana conducted the open bidding process for these blocks from October 2018 to May this year.

Ministry of Energy published the final list of bidders for the available oil blocks last Thursday. It indicated that Tullow and ENI/Vitol had been bidding for Block-three(Block 3) while First E&P (FIRST Exploration & Petroleum Development Company Limited ) had also been bidding for Block –Two (Block 2). Enditem

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