Vitol, together with its Offshore Cape Three Points (OCTP) project partners, Eni and the Ghana National Petroleum Corporation (GNPC), has signed a memorandum of intent (MOI) with the Government of Ghana, represented by the Minister of Energy and Green Transition and the Minister of Finance.  The objective of the MOI is to work together to enhance the country’s oil and gas production capacity, promote new sustainability initiatives, and support continued economic growth in the country. This agreement is based on the comprehensive strategic plan drafted by the OCTP partners.

Key initiatives proposed under the agreement include:

• the further increase in OCTP gas production to meet the country’s growing domestic energy needs, through investment in new technologies
• the development of the Eban-Akoma field in Cape Three Points Block 4
• the evaluation of new exploration and appraisal opportunities

Furthermore, the agreement strengthens the OCTP partners’ commitment to sustainability and the socio-economic development of Ghana. It builds on the circa USD$10 million that Eni and Vitol have already invested in social programs which have directly benefited more than 10,000 people, through investment in education, access to clean water, health and hygiene.

Vitol has been serving Ghana’s energy needs for many years. Its involvement in OCTP followed the discovery of oil and gas in 2012. Today, Vitol has an equity production of around 21,500 barrels of oil equivalent per day via a 35.6% non-operated stake in the OCTP project. Since production commenced in 2018, it has produced over 107 million barrels of oil and 480 billion standard cubic feet (Bscf) of gas, helping to meet approximately 70% of Ghana’s gas demand for power generation.

KeyFacts Energy: Vitol Ghana country profile