Ghana signs offshore exploration MoUs with Eni and Vitol for two Tano Basin acreages
Ghana has signed two memoranda of understanding with Eni Ghana, Vitol Upstream Tano and the Ghana National Petroleum Corporation (GNPC) covering two offshore acreages in the Tano Basin, opening a new phase of exploration in the country’s petroleum sector.
The agreements cover the Tano Basin offshore blocks, with Eni Ghana and Vitol expected to undertake technical and commercial evaluations of the acreage as Ghana seeks to expand its oil and gas resource base.
The partnerships build on Eni and Vitol’s existing presence in Ghana’s upstream sector and are intended to assess the potential of additional offshore resources.
Expanding exploration
The agreements form part of Ghana’s efforts to attract new investment into offshore exploration and increase activity across its sedimentary basins.
The country has been seeking to revitalise exploration following a period of subdued activity, while also working to maximise existing oil and gas resources and develop new discoveries.
Eni and Vitol already have interests in Ghana’s offshore petroleum industry, including the Offshore Cape Three Points (OCTP) project, which has contributed to both oil production and domestic gas supply.
The new agreements provide a framework for further technical work and evaluation before any potential development decisions are made.
Supporting Ghana’s energy sector
Ghana is seeking to increase domestic gas availability to support power generation while maintaining oil production and attracting additional upstream investment.
The government has also been pursuing measures to make new acreage more attractive to international energy companies as it seeks to expand the country’s petroleum portfolio.
The latest agreements with Eni and Vitol therefore add to Ghana’s efforts to unlock additional offshore potential and strengthen the role of its oil and gas sector in supporting economic and energy development.
