Eni Italy’s biggest energy company, says it has successfully drilled the first oil appraisal well in the Sankofa East discovery, the Offshore Cape Three Points (OCTP) block, located in the Tano Basin offshore Ghana, around 50 km off the coast of Ghana,
In a statement released on Thursday 17 January 2013, the company says it has started plans for the commercial exploitation of the crude reserves and this appraisal is important because it confirms the commercial standing of the oil discovery in the OTCP block and the strategic importance of the block for further industrial and economic development in the country.
Eni estimates the overall potential of the discovery to be around 450 million barrels of oil in place with recoverable resources of up to 150 million barrels. The data acquisition confirmed the hydraulic communication in the oil prone reservoir between the discovery and the appraisal well.
The statement also adds that, there are ongoing engineering studies for the development and commercialization of the gas reserves of the block in accordance with the principles sanctioned in the Memorandum of Understanding recently signed by Eni, Vitol and Ghana National Petroleum Corporation (GNPC) with the Ministry of Energy of Ghana. The MoU focuses particularly on the domestic gas market, in which Eni and its joint venture partners aim to play a prominent role.
Eni has been operating in Ghana since 2009 and currently operates two exploration offshore blocks OCTP and Keta.