Eni acquires majority stake in offshore Ghana licenses

Through an agreement with Vitol Upstream Ghana (VUGL), Eni has acquired majority stakes in, and operatorship of, the Offshore Cape Three Points (OCTP) and Offshore Cape Three Points South (OCTPS) licenses.

Offshore staff

MILAN -- Through an agreement with Vitol Upstream Ghana (VUGL), Eni has acquired majority stakes in, and operatorship of, the Offshore Cape Three Points (OCTP) and Offshore Cape Three Points South (OCTPS) licenses.

The new license participating interests, which will be the same for both blocks, will be Eni Ghana Exploration and Production (47.22%); VUGL (37.78%); and Ghana National Petroleum Corp. (15.00%).

Ghana National Petroleum Corp. will have a back-in option for an additional 5% in OCTP and 10% in OCTPS.

Earlier this year, VUGL, in partnership with GNPC and Eni, drilled the Sankofa-1 well in the OCTP block. The well encountered high-quality reservoir sands containing 36 m (118 ft) of oil and gas, the companies report.

09/28/2009

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