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 agreement was signed by Ghana’s Minister for Energy and Green Transition, Hon. John Abdulai Jinapor; Minister for Justice and Attorney General, Dr. Dominic Ayine; Acting Chief Executive of the Ghana National Petroleum Corporation, Mr. Kwame Ntow Amoah; and senior officials of Eni.
It was witnessed by the President of the Republic of Ghana, H.E. John Dramani Mahama.
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That directive was withdrawn by the current administration in February 2025 through a statement issued by the Ministry of Energy and Green Transition.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.
Commenting on the agreement, Minister Jinapor described the deal as “a strategic investment designed to increase oil and gas production and optimize oil output, which will support Ghana’s energy sector growth.”
“This is not just a figure on paper; it is a vote of confidence in Ghana’s upstream petroleum sector, our economy, a commitment to job creation, and a catalyst for the infrastructure that will power our nation forward,” he said.
“As indicated by President John Dramani Mahama, Ghana is building a business environment that meets investor expectations while safeguarding our national interests,” he added.
The government has adopted the Gas-to-Power policy, a strategic initiative aimed at utilizing the country’s natural gas resources to generate electricity, thereby enhancing energy security, reducing reliance on imported fossil fuels, and supporting sustainable development.
He assured the public of government’s commitment to continue resetting the upstream petroleum sector to address the decline in oil production witnessed in recent years.
Source: https://energynewsafrica.com
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