Sources have it that Africa's biggest foreign oil and gas producer, Italian energy group Eni and its partner oil trader Vitol, have made their first big oil discovery off shore Ghana, where they operate two oil blocks.
The well produced 5,000 high quality barrels of oil per day during production tests, Eni stated, although the flow was constrained by inadequate infrastructure, confirming the importance of the block in terms of oil, natural gas and condensates present, it further stated that the discovery had huge commercial potential.
Having taking steps to acquire upstream and downstream assets, swiss-based Vitol, known for its role as a middle man, buying and selling cargoes on the global market, partnered with Eni in this discovery.
Ghana which has attracted interest from exploration companies as Africa's newest oil exporter, after missing output targets last year when Tullow Oil postponed production from its lucrative Jubilee field, is very much pleased with the recent discovery, as it sets to boost the economy of the country.
From the recent discovery which was made in Ghana's Offshore Cape Three Points block, Eni owns a 47.2% controlling stake, Vitol owns 37.8% stake and Ghana's GNPC owns 15%.
(Edited by: Blueblock)
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