August 21, 2012 / 9:48 AM / 5 years ago

Eni signs offshore gas MoU in Ghana

MILAN, Aug 21 (Reuters) - Italian oil and gas group Eni said on Tuesday it had signed an agreement with Ghana to develop offshore gas resources as it presses ahead with plans to expand in Africa.

Eni said in a statement that together with Swiss-based Vitol it had signed a Memorandum of Understanding (MoU) with the government of Ghana and the Ghana National Petroleum Corporation (GNPC) to develop the Offshore Cape Three Points (OCTP) Block.

The OCTP Block is operated by Eni with a 47.2 percent stake, Vitol has 37.7 percent and GNPC 15 percent.

Eni is one of the biggest foreign oil and gas groups in Africa, a region which accounts for around 55 percent of the group’s volumes, the highest proportion of any major.

Sub-Saharan Africa currently produces around 450,000 barrels of oil equivalent per day for the company.

Eni said the MoU will focus mainly on the domestic gas market in Ghana where it intends to play a prominent role.

Reporting by Stephen Jewkes; editing by Jason Neely

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