A consortium comprising Ghana National Petroleum (GNPC), Explorco, Vitol, Eni and Woodfields has secured new exploration license in Cape Three Points Block 4 located in the Tano basin, offshore Ghana.

Awarded following the ratification of the Parliament of the Republic of Ghana, the license covers an area of 1,127kmĀ² in water depths ranging from 100m to 1,200m.

The license, which partially surrounds the Enio-operated Offshore Cape Three Point (OCTP) block, has been awarded to consortium comprising Eni Ghana with 42.4691% stake and Vitol Upstream Tano with 33.9753% interest.

Other Eni-led consortium partners include GNPC 10%, Woodfields Upstream Ghana 9.5556% and GNPC Exploration and Production 4%.

Eni said that the block, upon successful exploration, will benefit from the OCTP project infrastructure which is currently under development.

The OCTP project involves the integration and synergic development of various oil and gas discoveries including Sankofa Main, Sankofa East and Gye-Nyame.

As part of the project, multiple subsea wells will be developed which will be tied back to a FPSO. A gas export line will be used to connect the FPSO to shore.

Oil production from OCTP is planned to commence in 2017 while the gas production is expected in 2018. The OCTP fields are expected to continuously supply Ghana’s thermal power system till 2036.

GNPC, Vitol and Eni are currently developing the Sankofa and Gye Nyame fields.