Ghanaian President John Dramani Mahama met with Claudio Descalzi, CEO of Italian energy conglomerate Eni, this week to discuss expanding the company’s role in the country’s burgeoning oil and gas sector.
The talks, held in the capital, Accra, highlighted Eni’s ambition to scale up investments in exploration and production, signaling continued confidence in Ghana’s economic stability and growth potential.
Central to the discussions was Eni’s interest in securing new short- and medium-term opportunities in Ghana’s upstream petroleum industry. Descalzi emphasized the company’s track record of delivering large-scale projects efficiently, pointing to the Offshore Cape Three Points (OCTP) initiative as a flagship example. Completed ahead of schedule and under budget in 2017, the OCTP—Ghana’s largest private-sector investment to date—has become a cornerstone of the nation’s energy security, supplying roughly 70% of its domestic gas production. The project, which began oil extraction in 2017 and gas distribution in 2018, exclusively channels its output to local consumption, powering industries and households amid rising demand.
The meeting also touched on Eni’s broader vision for Ghana, including plans to diversify its engagements beyond hydrocarbons. Initiatives in vocational training, water accessibility, and renewable energy development were flagged as key areas of focus. Analysts view this pivot as a strategic alignment with Ghana’s goals for sustainable development, particularly as global energy transitions accelerate.
Since entering Ghana in 2009, Eni has operated the OCTP bloc in partnership with Vitol (35.6%) and state-owned Ghana National Petroleum Corporation (20%), cementing its role as a major investor. The company’s portfolio now spans critical social and economic projects, such as improving sanitation infrastructure and boosting agricultural resilience—a nod to the growing emphasis on corporate responsibility in extractive industries.
The dialogue between Mahama and Descalzi underscores a mutual commitment to leveraging Ghana’s resources for long-term prosperity. For Eni, doubling down on its Ghana operations reflects both geopolitical pragmatism and confidence in the nation’s governance. For Accra, the partnership offers a pathway to reduce energy import dependency while addressing gaps in infrastructure and skills development—a balancing act that could set a precedent for resource-rich economies across the region.
As global energy firms recalibrate investments amid shifting markets, Ghana’s ability to attract players like Eni highlights its emerging clout. The challenge now lies in ensuring these collaborations translate into equitable growth, a test for both policymakers and corporate stakeholders.
