sharing in governance of extractive industries

Italian oil company, Eni strikes oil in Ghana - Ghana Business News

By Ekow Quandzie

Italian oil explorer, Eni S.P.A says it has discovered hydrocarbon at offshore Ghana at the Gye Nyame 1 well. The well is located Offshore Cape Three Point (OCTP) block 50km offshore Ghana.

“The well, which was drilled in 519 meters of water, was drilled to a total depth of 3,349 meters and encountered significant thickness of gas and condensate sands with excellent reservoir characteristics,” said Eni in a statement July 28, 2011.

Oil mineralization was also discovered in the underlying sands with a delineation programme undertaken to asses its significant potential, said the Milan-based company.

Eni, the operator of the OCTP license, has a 47.22% interest with Vitol Upstream Ghana Limited having 37.78% stake.
Ghana National Petroleum Corporation (GNPC) has a 15% stake with a back-in option for an additional 5% of the license.

More at: http://www.ghanabusinessnews.com/2011/07/28/italian-oil-company-eni...

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