Eni says makes first “relevant” oil find offshore Ghana

Italian oil firm, Eni, says September 20, 2012 it has found first oil in the Offshore Cape Three Points (OCTP) block in Ghana, a discovery the company describes as relevant.

Eni explains that the discovery is relevant because it “may have the potential for commercial development and confirms the importance of the block” also in terms of the presence of oil, as well as natural gas and condensates.

The OCTP block is located in the Tano Basin, about 50 km off the coast of Ghana.

In a statement, Eni said the discovery was made through the Sankofa East-1X well, which reached a total depth of 3,650 meters, in 825 meters of water, and encountered 28 meters with  gas and condensate and 76 meters of gross oil pay in Cretaceous sandstones.

The company indicated that it plans for the immediate drilling of other wells to delineate the size of the discovery and confirm the feasibility of commercial development.

Eni, the OCTP block operator has 47.222% share, Vitol Upstream Ghana Limited 37.778% share and the Ghana National Petroleum Corporation (GNPC) 15% share. The GNPC has an option for an additional 5% share.

By Ekow Quandzie