Italian oil and gas supermajor Eni, together with its partner Vitol, has signed a Memorandum of Intent (MoI) with Ghana’s national oil company, GNPC, to invest $1.5 billion in the upstream sector.
The agreement was signed on Tuesday, September 16, 2025, during the opening of Africa Oil Week (AEW) 2025 in Accra, the capital of Ghana.
The signing ceremony was witnessed by Ghana’s President John Dramani Mahama; Kwame Ntow Amoah, Acting Chief Executive Officer of GNPC; Hon. John Abdulai Jinapor, Minister for Energy and Green Transition; and senior officials of Eni.
Eni has operated in Ghana since 2009 and manages the Sankofa Gye Nyame and Offshore Cape Three Points (OCTP) block.
Eni holds a 44.4% stake in the OCTP project, while Vitol holds 35.6% and the Ghana National Petroleum Corporation (GNPC) 20%.
In recent years, however, the oil giant slowed investment in Ghana and shifted its focus to Côte d’Ivoire, possibly due to the controversial directive issued by the Ministry of Energy under the previous administration, which sought to unitize the Afina Discovery oil block operated by Springfield E&P—a wholly Ghanaian-owned upstream player—and the Sankofa Cenomanian oilfield operated by Eni and Vitol.
That directive was withdrawn by the current administration in February 2025 through a statement issued by the Ministry of Energy and Green Transition.
The move was aimed at restoring investor confidence and stimulating investment in Ghana’s upstream petroleum sector.
Source: https://energynewsafrica.com
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