ENI makes significant oil and gas discovery offshore Ghana

Italian oil major ENI has made headlines with a significant oil discovery offshore Ghana on the Evan Exploration Prospect CTP Block 4. The discovery is expected to potentially deliver 500,000 barrels per day, adding to Ghana's current production of 200,000 barrels per day. Sam Chidoka, Managing Director and CEO of Kairos Capital, emphasized the positive impact this discovery will have on Ghana's oil production and economy. With the offshore location close to their Floating Production Storage and Offloading (FSPO) facility, the development process is expected to run smoothly, unlike the challenges faced with onshore operations in Nigeria. Meanwhile, in Nigeria, Minister of State for Petroleum Resources, Timipre Sylva, has announced plans for Nigeria to start exporting petrol by 2023. This news has sparked both optimism and skepticism among industry experts. Chidoka pointed out the discrepancies in petrol consumption data reported by the NNPC and highlighted the importance of major projects like the Dangote refinery in achieving the export target. The refinery, alongside other modular refineries, holds the potential to revolutionize Nigeria's petroleum industry, save foreign exchange, and boost domestic production. Chidoka also discussed the impact of the passage of the Petroleum Industry Bill (PIB) on the oil and gas sector in Nigeria. The PIB addresses crucial issues such as revenue sharing with host communities, taxation, regulatory frameworks, and environmental concerns. While there are ongoing debates on certain aspects of the bill, Chidoka stressed the importance of stakeholders reaching a consensus to unlock the sector's full potential. Additionally, the ongoing standoff between OPEC Plus members Saudi Arabia and the UAE has raised concerns about its impact on oil production and prices. Chidoka shared his perspective on how higher oil prices can benefit Nigeria, despite challenges such as subsidy expenditures. He highlighted the significance of a resolution to the OPEC Plus dispute for global oil markets and emphasized the potential benefits for Nigeria's economy.