Italian oil major Eni SpA E has gained access to another block off Ghana, adjacent to its existing Offshore Cape Three Points (“OCTP”) development.
Located in the prolific Tano basin, offshore Ghana, the Cape Three Points Block 4, was awarded following the ratification by the Ghanaian Parliament.
The award was given to a joint venture headed by Eni Ghana as operator holding 42.5%. Other partners are Vitol Upstream Tano, Ghana National Petroleum Corporation or GNPC, Woodfields Upstream Ghana and GNPC Exploration and Production Company or Explorco with stake of 34%, 10%, 9.5% and 4%, respectively.
The new block, which partly surrounds the OCTP block, spans across an area of 1,127 square kilometers in water depths ranging from 100 to 1,200 meters. Eni is currently continuing development works in the OCTP. If the outcome of the exploration is successful, the new block will benefit from the OCTP project infrastructures.
The scope of the OCTP project comprises integration and synergic development of the various oil and gas discoveries like Sankofa Main, Sankofa East and Gye-Nyame. The project foresees the development of subsea wells tied-back to a FPSO, which will be attached to shore by a gas transport line. The OCTP oil production is anticipated to begin in 2017 while the gas production is scheduled to commence in 2018. The gas produced at OCTP will supply the domestic market for power generation.
Eni’s presence in Ghana dates back to 2009. In the country, Eni operates through its subsidiary, Eni Ghana.
Currently, Eni carries a Zacks Rank #4 (Sell). Some better-ranked players from the energy sector are SolarEdge Technologies, Inc. SEDG, Statoil ASA STO and Enviva Partners, LP EVA. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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