Eni and Vitol to develop gas block in Ghana

8/21/2012

Eni and Vitol to develop gas block in Ghana

MILAN -- Eni and Swiss oil trader Vitol Group have signed a memorandum of understanding with the Ghanaian government and Ghana National Petroleum Corp for the development and commercialization of natural gas in the Offshore Cape Three Points Block in the Tano Basin of Ghana.

The agreement with the African government "focuses particularly on the domestic gas market," a Eni statement said. No figures on volumes potentially available in the field have been provided yet by the companies involved.

Eni holds the majority of the Ghana Block, controlling a 47.2% stake, while Vitol holds 37.8% stake. Ghana National Petroleum Corp has the remaining 15% stake.

Dow Jones Newswires

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