Eni discovers new oil field in Ghana

Italian oil giant, Eni, has discovered a new oil field in the Cape Three Points Block Four (CTP-Block 4) offshore in the Western Region of Ghana. The well drilled on the Akoma exploration prospect, with an estimated volume between 550 and 650 billion cubic feet (Bcf) of gas and 18-20 Million Barrel (mmbbl) of condensate “ has a further additional upside for gas and oil.”

Akoma-1X  located about seven miles north-west from Sankofa hub, where the John Agyekum Kufuor FPSO is located, was the first well drilled in CTP-Block 4 and represented a discovery of potentially commercial nature due to its proximity to the existing infrastructure.

CTP-Block 4 is a Joint Venture formed by Eni Ghana ( 42.469 percent), Vitol Upstream Tano (33.975 percent), GNPC (10 percent), Woodfields Upstream (9.556 percent), Explorco (4.00 percent).

Eni in March, through Var Energi, a Joint Venture between the company and HitecVision, announced an oil and gas discovery in the North Sea. In the same month, it also announced a gas discovery in the Nour exploration prospect in the Eastern Egyptian Mediterranean and a “major” oil discovery in Angola’s deep water.

In a statement made available on Eni’s website, the company is described as one of the global oil and gas “super-players” with its operations in 67 countries. In its first quarter (Q1) results released last month, Eni reported an adjusted operating profit of $2.63 billion.

The company which has been present in the country since 2009, currently generates a gross production of about 60,000 barrels of oil equivalent per day.

According to Eni, Ghana is among the key Countries for its organic growth and the company is present in the country’s upstream sector with an integrated oil and gas development project in the OCTP block. The OCTP project start-up was achieved in two and a half years, three months earlier than scheduled and with a record time-to-market.