Eni Ghana, Vitol sign MoUs with govt for two offshore oil blocks

Eni Ghana and its partner, Vitol Upstream Tano Ltd (Vitol), have entered into two Memoranda of Understanding (MoUs) with the government for the development of two offshore petroleum blocks in the Tano Basin.

The agreements cover the GH WB 3 and GH WB 8 blocks, which are located offshore near Ghana’s Western Region and are expected to further support exploration and development activities in the country’s upstream petroleum sector.

The MoUs were signed by the Minister of Energy and Green Transition, Dr John Jinapor, on behalf of the government, while Eni Ghana Managing Director Federico Ricco signed for the partners.

Executives of the Ghana National Petroleum Corporation (GNPC) witnessed the signing ceremony.

Together, the two blocks cover about 2,100 square kilometres, with water depths ranging from 750 to 2,800 metres.

A statement issued after the ceremony said the agreements formed part of Eni’s near-field and Infrastructure-Led Exploration (ILX) strategy, which focuses on using existing infrastructure and the proximity of established producing areas.

“These agreements follow the signing of the Memorandum of Intent last year, marking a further step in Eni's long-term commitment to advancing responsible investment and exploration in Ghana's upstream petroleum sector, while supporting the effective management and development of the country's petroleum resources in accordance with Ghana's legal and regulatory framework,” the statement further said.

Eni has operated in Ghana since 2009, undertaking offshore hydrocarbon exploration and production activities. The company currently has equity production of about 40,000 barrels of oil equivalent per day.

It is the lead operator of the Offshore Cape Three Points (OCTP) project, an integrated oil and gas development located off Ghana’s western coast.

Under the OCTP project, Eni holds a 44.4 per cent interest, Vitol has 35.6 per cent, while the GNPC holds the remaining 20 per cent.

Beyond its petroleum operations, the joint venture has also undertaken projects focused on training, economic diversification, water and sanitation, and access to energy.

The development comes against the backdrop of increased investment in Ghana’s upstream petroleum industry. The Petroleum Commission, the sector’s regulator, reported that upstream investment rose from about $725 million in 2024 to $870 million in 2025, representing an increase of approximately 20 per cent.

The Commission attributed the growth to renewed investor confidence following more than six years of sluggish investment in the sector.

It said the latest figures demonstrated the potential of Ghana’s upstream petroleum industry to attract additional capital after a period characterised by limited activity, strained relations with investors and a lack of new investment.