Ghana Secures Massive $1.5 Billion Energy Investment Deal with ENI and Vitol
In a major development for Ghana’s energy sector, the government has inked a transformative $1.5 billion memorandum of intent with Italian energy giant ENI, trading powerhouse Vitol, and the Ghana National Petroleum Corporation (GNPC). The strategic investment plan aims to dramatically boost the nation’s oil and gas production capacity while advancing sustainable energy initiatives.
President John Mahama welcomed the agreement, emphasizing Ghana’s commitment to creating a favorable business environment that attracts international investment while safeguarding national interests. “The policy interventions introduced since I assumed office are yielding results,” President Mahama stated, highlighting the positive impact of recent policy changes.
The collaboration will evaluate comprehensive upgrades to increase production capacity at the Offshore Cape Three Points (OCTP) project, leveraging synergies between offshore and onshore operations to meet Ghana’s growing domestic energy demand. A key focus includes the evaluation of exploration activities and potential development of the Eban-Akoma field in Cape Three Points Block 4, which was declared commercially viable in July 2025.
Minister of Energy and Green Transition Hon. John Jinapor emphasized the deal’s significance: “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.” ENI has maintained a presence in Ghana since 2009, operating the OCTP project with a 44.4% stake alongside Vitol (35.6%) and GNPC (20%). Since 2018, the project has produced over 107 million barrels of oil and 480 billion standard cubic feet of gas, meeting approximately 70% of Ghana’s gas demand for power generation.
Sources: citinewsroom.com, oedigital.com, energy-pedia.com
