A consortium comprising GNPC, Explorco, Vitol, Eni and Woodfields has been awarded a new exploration license in Cape Three Points Block 4, located in the Tano Basin offshore Ghana.
The license, which was awarded following the ratification of the Parliament of the Republic of Ghana, covers an area of 435 square miles in water depths ranging from 328 feet to 3,937 feet and partially surrounds the OCTP block operated by Eni. In the event of a successful exploration outcome, the block will benefit from the OCTP project infrastructures, currently under development.
The OCTP project involves the integration of various oil and gas discoveries, including Sankofa Main, Sankofa East and Gye-Nyame. The project envisages the development of subsea wells tied-back to a FPSO which will be connected to shore via a gas transport line. The OCTP oil production start-up is expected in 2017 while the gas production, which will supply the domestic market for power generation, is expected in 2018.
Eni Ghana now holds a 42.4691 percent operated stake in Cape Three Points Block 4, with Vitol Upstream Tano, Ghana National Petroleum Corporation, Woodfields Upstream Ghana and GNPC Exploration and Production Company holding 33.9753 percent, 10 percent, 9.5556 percent, 4 percent stakes, respectively.
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