Business News of Wednesday, 23 January 2013
Source: Daily Guide
ENI, an Italian energy company, has confirmed commercial potential after undertaking drilling at its first appraisal well in the Sankofa East discovery area offshore Ghana.
In a press statement issued recently, the company emphasized that the Paolo Scaroni-led company has “immediately commenced plans for the commercial exploitation of the oil reserves” at the Sankofa East discovery on the Offshore Cape Three Points (OCTP) Block.
Eni discovered the oil at the block in the Tano basin 50 kilometres offshore in September with the Sankofa East X1 well.
The company has now completed the first appraisal well – Sankofa East 2A, which was drilled 8km from the discovery well to a total depth of 4050 metres in water depths of 990 metres.
“Eni estimates the overall potential of the discovery to be around 450 million barrels of oil in place with recoverable resources of up to 150 million barrels.”
According to Eni, the findings were important because these confirmed that the discovery was of commercial nature, adding that plans were underway for commercial exploitation of the reserves.
Other entities working alongside Eni in the area are Ghana National Petroleum Corporation (GNPC), Government of Ghana and Vitol.
A similar effort in the Sankofa East region last year encountered 250 feet of gross oil pay, the company further noted.
The appraisal well confirmed the extension of the oil accumulation in the Cenomanian sequence.
The data acquisition confirmed the hydraulic communication in the oil prone reservoir between the discovery and the appraisal well.
Eni is operator of the block with a 47.22 percent slice while Vitol holds 37.78 percent and GNPC the remaining 15 percent with an option to grab 5 percent more
Ghana shipped her first delivery of oil from the Jubilee oilfield offshore in January 2012.