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Eni, Vitol and GNPC signed MOU to develop OCTP Blocks

Eni, Vitol and GNPC to develop Ghana offshore gas

Eni from Italy, Vitol from Switzerland and the National Oil Company Ghana National Petroleum Corp (GNPC) have signed a Memorandum of Understanding (MOU) to develop the Offshore Cape Three Points (OCTP) Blocks offshore Ghana.

This MOU follows the discoveries by Eni and its partners of significant recoverable reserves of the Sankofa and Gye Nyame gas fields in the Tano Basin, offshore Ghana.

This exploration and production program results from the commitment between Eni, Vitol and the Government of Ghana to contribute to the development and monetization of Ghana gas reserves.

The Sankofa and Gye Nyame gas fields belongs to the Tano sub-basin located at the eastern edge of the Côte d’Ivoire Basin at the breach opened by the separation of the South American and African continental plates.

These Sankofa and Gye Nyame gas fields are part of the Offshore Cape Three Points (OCTP) blocks in water depth between 50 to 1,400 meters.

The Government of Ghana synchronized the signature of the MOU with Eni and Vitol to develop the OCTP Blocks with the construction kick off of an onshore gas pipeline to supply the Aboadze power plant near Takoradi, Ghana.

The local company Ghana National Gas Company (Ghana Gas) contracted Sinopec International Petroleum Services Company (Sinopec) from China to build this 110 kilometers pipeline to carry out the natural gas from the gas Central Processing Facility (CPF) located at Atuabo on the coast in the Ellembelle Distric to the Aboadze power plant.

The Atuabo gas Processing Facility should have a capacity of 150 million cf/d of natural gas, to be doubled in a second phase.

The first phase of the Atuabo gas Processing Facility is estimated to costs $775 million capital expenditure.

In this context, the commitment of Eni and Vitol to develop, gather and process the non-associated gas from the OCTP Blocks becomes a critical step for the entire Ghana.

OCTP project to develop first offshore non-associated gas fields in Ghana 

Eni and Vitol had announced successful appraisal wells  in April 2011 for the Sankofa discovery and by year end 2011 for the Gye Nyame discovery.

These fields are the first non-associated gas fields developed offshore Ghana and their potential confirms the interest to continue the exploration in this region.

The  MOU signed between Eni, Vitol and GNPC covers the commercial and technical aspects of the joined development of the Sankofa and Gye Nyame gas fields from the OCPT Blocks including the:

– Completion of the on going appraisal drilling program

 – Plannings for gas commercialization and fields developments

 – Gas production profile

 – Capacity of the infrastructures required to meet the production profile will be determined as part of the programme of work covered in the MOU.

Originally the Sankofa and Gye Nyame gas fields had been explored by Vitol and after the first successful appraisal wells in 2009, Vitol and Eni signed a farm-out agreement transferring the operatorship to Eni.

Since then the partners share the working interests in the Offshore Cape Three Points (OCTP) project as folloiwng: 

 – Eni 47.22% is the operator

 – Vitol 37.78%

 – GNPC 15%

Eni in Ghana in brief

Eni has been present in Ghana since 2009

Eni is currently operating the Sankofa and Gye Nyame gas fields in the Offshore Cape Three Points (OCTP) Blocks and the Offshore Keta.

Eni is leading exploration and production operations in the Sub Sahara region since the 1960‘s.

Eni has operations and projects in Angola, Congo, Democratic Republic of Congo,  Gabon, Ghana, Kenya, Liberia, Mozambique, Nigeria, Togo producing approximately 450,000 barrels of oil equivalent per day (boe/d).

Vitol in brief

Vitol is private company founded in the Netherlands in 1966.

Vitol is owned by its employees creating a confederation of entrepreneurs in which everyone works together for the greater good of both the business and our customers.

Focusing on the energy markets, Vitol has become the world’s largest independent trading company with $297 million revenues in 2011.

Vitol trading activities cover crude oil, oil products, LPG, LNG, natural gas, coal, power, metals and carbon emissions.

Vitol trades more than 6 million barrels of crude oil per day

Vitol supports its trading activities with 50% interest in VTTI for storage and terminals activities.

Vitol has also non-operator exploration and production interest in Azerbaijan, Cameroon, Ghana, Kazakhstan and Russia

With the exploration and production of the non-associated gas reserves of the Offshore Cape Three Points (OCPT) Blocks, Eni and Vitol are developing an integrated value chain to monetize the natural gas in producing electricity and thus contributing directly to the social and economical development of Ghana in partnership with GNPC and Ghana Gas

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