Ghana has formalized a Memorandum of Intent with Eni and its Offshore Cape Three Points (OCTP) partners, Vitol and the Ghana National Petroleum Corporation (GNPC), to boost oil and gas production while advancing sustainable energy efforts. The signing ceremony occurred during Africa Oil Week at the Kempinski Hotel, attended by President John Dramani Mahama. This agreement is a key step toward enhancing Ghana’s energy security and addressing increasing domestic energy demands.
The plan, signed by the Ministers of Energy and Finance, outlines a comprehensive investment framework aimed at providing reliable, affordable, and environmentally friendly energy access for Ghanaians. A significant aspect of the initiative includes increasing production capacity at the OCTP project and exploring the Eban-Akoma field, recently declared commercially viable.
The partnership also emphasizes social responsibility, with over $10 million invested in community programs benefiting more than 10,000 people. A second phase of investment will focus on supporting micro, small, and medium-sized enterprises (MSMEs). Eni, active in Ghana since 2009, holds a 44.4% stake in the OCTP project, which has produced over 107 million barrels of oil and 480 billion standard cubic feet of gas since 2018, meeting approximately 70% of Ghana’s gas needs for power generation. The OCTP venture prioritizes a holistic approach that integrates energy production with local development and clean energy solutions.