Ghana: Eni Vitol Offshore Oil Deals Signed for Tano Basin Blocks

• Ghana signed two Memoranda of Understanding (MoUs) on September 10, 2026, to revive offshore petroleum exploration.
• The agreements involve Eni Ghana, Vitol Upstream Tano Ltd, and the Ghana National Petroleum Corporation (GNPC) for blocks GH WB 3 and GH WB 8 in the Tano Basin.
• These MoUs are intended to precede final Petroleum Agreements, aiming to unlock Ghana’s hydrocarbon potential and attract new investment.
• The deals build on a 2025 Memorandum of Intent that proposed a US$1.5 billion investment, leveraging the blocks' proximity to existing infrastructure.
• The initiatives are part of President John Dramani Mahama's reforms to create a more competitive and investment-friendly petroleum sector while ensuring responsible resource development.

These preparatory agreements are designed to pave the way for formal Petroleum Agreements, signaling a renewed push to unlock Ghana’s remaining hydrocarbon potential and attract fresh capital into its upstream sector.

Ghana has taken a significant step toward reinvigorating its upstream petroleum exploration efforts by signing two Memoranda of Understanding (MoUs) on September 10, 2026. These crucial Ghana Eni Vitol offshore oil deals involve Eni Ghana, Vitol Upstream Tano Ltd, and the Ghana National Petroleum Corporation (GNPC), targeting offshore acreages GH WB 3 and GH WB 8 within the Tano Basin.

The agreements were formally executed on behalf of the Ghanaian government by Dr. John Abdulai Jinapor, the Minister for Energy and Green Transition. These preparatory agreements are designed to pave the way for formal Petroleum Agreements, signaling a renewed push to unlock Ghana’s remaining hydrocarbon potential and attract fresh capital into its upstream sector.

The government's primary objective behind these agreements is to attract substantial Ghana energy sector investment and accelerate the development of its hydrocarbon resources. The two blocks collectively span approximately 2,100 square kilometres, with water depths ranging from 750 to 2,800 metres, indicating significant potential for future discoveries.

These MoUs follow a Memorandum of Intent from 2025, which had outlined a proposed investment of US$1.5 billion. A key strategic advantage of these acreages lies in their close proximity to existing producing fields and established petroleum infrastructure, offering investors the opportunity to leverage Ghana’s mature upstream ecosystem as exploration progresses.

These developments are framed within ongoing reforms initiated by President John Dramani Mahama, aimed at cultivating a more competitive, predictable, and appealing environment for investment in the petroleum sector, while simultaneously ensuring the responsible stewardship of the nation’s natural resources. The government emphasizes that these Ghana Eni Vitol offshore oil deals are integral to its strategy to deepen reforms and attract further investment.

Ghana remains committed to accelerating exploration and production activities, ensuring that the nation secures maximum and sustainable value from its hydrocarbon resources. This strategic direction underscores the government's dedication to fostering a robust and attractive landscape for Ghana upstream petroleum exploration and the subsequent finalization of Ghana Petroleum Agreements.

Lawyers advising energy companies or investors in Ghana should note the signing of these MoUs as a precursor to new Petroleum Agreements, indicating increased activity and potential for new projects in the upstream oil sector. This development signals opportunities for legal work in contract negotiation, regulatory compliance, and M&A within Ghana's petroleum industry.

Source: Original reporting via Carbonatix