President John Mahama’s ambition to revive Ghana’s struggling upstream oil sector appears to be yielding results, following Eni’s confirmation of commercial oil and gas discoveries—the Eban-Akoma finds—within the Offshore Cape Three Points Block 4 (OCTP-B4).
Eni recently submitted a Declaration of Commerciality (DoC) for the discoveries to Ghana’s Ministry of Energy and Green Transition, in line with sector regulations.
The declaration was also endorsed by other partners in the joint venture (JV) comprising Eni, Vitol, Woodfields, Explorco, and the Ghana National Petroleum Corporation (GNPC).
The move is considered a significant milestone for Ghana’s industrialization and energy security, reflecting the government’s sustained appeal to oil companies to responsibly harness its hydrocarbon resources.
“The Declaration of Commerciality for the Eban-Akoma discoveries is a major boost to our oil and gas sector. It highlights the immense potential of our offshore resources to fuel economic transformation, enhance energy security, and drive Ghana’s industrialisation agenda.”
“We commend the JV Partners and GNPC for their dedication to this strategic national asset,” said John Jinapor, Minister for Energy and Green Transition.
What’s next for Ghana?
This discovery marks Ghana’s first major offshore discovery by Big Oil in several years and injects fresh optimism into the upstream sector, which has struggled amid economic headwinds.
With the DoC submitted, the next step is for the joint venture to prepare a detailed Plan of Development (PoD).
This document will outline how the resources will be extracted sustainably, while maximizing national value and ensuring compliance with local content laws and energy policy goals.
Approval of the PoD by the relevant authorities will pave the way for the consortium to secure financial closure and begin project execution.
The Ministry of Energy also confirmed that the Petroleum Commission and GNPC will jointly offer regulatory oversight and support throughout the project lifecycle to align development with Ghana’s economic and energy priorities.
While official reserve volumes are yet to be disclosed, preliminary estimates by Eni suggest the finds could hold between 500 to 700 million barrels of oil equivalent across the acreage.
The Eban-Akoma complex is planned to be developed as a satellite project or tie-back to the John Agyekum Kufuor (JAK) FPSO, which currently operates in the Offshore Cape Three Points (OCTP) area.
Petroleum exploration in Cape Three Points
Located in the Western Region, Cape Three Points is the Ghana’s southernmost point and is believed to be rich in hydrocarbon reserves.
Eni operates the OCTP block 4 with a 44.4% stake, followed by Vitol (35.6%) and GNPC (20%).
Earlier in 2025, Eni reaffirmed its commitment to fast-track the development of untapped reserves, address production declines, and ensure long-term output sustainability.
One of the targeted areas for resumption of drilling by the Italian explorer was the OCTP.
These commercial discoveries come after years of rigorous appraisal campaigns by the Italian energy major.
Eni drilled the Akoma-1X well in 2019, confirming rich gas and condensate deposits.
In 2021, it extended operations to the Eban field (Eban-1X well) still within the OCTP block 4, uncovering potentially large oil reserves.
Last year, Springfield also confirmed a significant hydrocarbon discovery in Block 2 of the same Cape Three Points, making it the first independent Ghanaian company to achieve a deepwater oil discovery.
However, due to the growing exploration interests in the important Peninsula, which hosts Ghana’s only remaining coastal rainforest, the government is setting up its first-ever Marine Protected Area in the region.
