VENTURES AFRICA – Africa’s biggest foreign oil and gas producer Eni S.p.A, and international oil marketer Vitol, have made their first important oil discovery in Ghana, at the Offshore Cape Three Points (OCTP) block, located about 50 km off the coast of gold-rich country.
In an official statement released by Eni on Thursday, the Italian energy group said the discovery which was made through its Sankofa East-1X well, was important because of the “presence of oil, as well as natural gas and condensates.” It added that the find may have the potential for commercial production.
The production tests carried out on the Sankofa East-1X well produced about 5,000 high quality barrels of oil per day though the flow rate was ebbed by surface infrastructure.
Eni has stated it will immediately begin drilling other wells to ascertain the volume and commercial feasibility of the discovery.
The energy giant also said it had begun engineering studies for the development and commercialization of gas reserves of the OCTP block based on agreements in the Memorandum of Understanding it recently signed with its operating partner Vitol, Ghana National Petroleum Corporation (GNPC) and the Minister of Energy of Ghana.
The MoU lays out the blueprint for the prospective development of the contracted area and marketing of the discovered gas with emphasis on the domestic gas market, where the dutch commodity trader Vitol wishes to market aggressively.
Eni which has been operating in Ghana since 2009, controls two oil blocks – OCTP and Offshore Keta – with a 47.2 percent majority stake in the OCTP block. Vitol’s Ghana unit owns 37.8 percent of the oil block while Ghana’s state oil firm GNPC has a 15 percent stake.