This article was originally published on the Africa Oil & Power website.
As part of its expansion plans in Ghana, Italian multinational oil and gas company, Eni and its partner Vitol have been awarded a new exploration and production license in Block WB03, located in the medium deep waters of the Tano Basin, offshore Ghana.
The award comes as a result of Ghana’s first international competitive bidding round in which five Blocks are on offer in water depths ranging from 100 to 4,400 meters.
With a 70 percent interest in the Block, Eni will be Operator of the license alongside Vitol who holds 30 percent.
Other Joint Venture partners in the Block include the Ghana National Petroleum Corporation and a registered local company that will be identified during the phase of contract finalization, the company said in a statement released on Wednesday.
Eni noted that the contract award is still subject to approval from the authorities.
“In Ghana’s Tano Basin, Eni owns rights to the development areas of Sankofa and Gye Nyame as well as to the exploration and production area of CTP-Block 4. The new Block WB03 is located approximately 50 kilometers southeast from the John Agyekum Kufuor (JAK) floating production, storage and offloading unit (FPSO) that is currently producing oil and gas from the Sankofa Field. The proximity of these infrastructures will become synergic in case of new discoveries in Block 3,” Eni said.
Having been in the country for a decade, Eni contributes approximately 70,000 barrels of oil equivalent per day.