Italian oil giant ENI set to resume operations in Ghana

Italian oil giant ENI has has expressed its readiness to resume operations in Ghana, five years after relocating to Côte d’Ivoire.

This follows a high-level meeting between ENI’s Group CEO, Claudio Descalzi, and President John Mahama on February 7, 2024.

Discussions focused on ENI’s plans for economic diversification and the Offshore Cape Three Points (OCTP) project the largest private investment in Ghana. The project, completed ahead of schedule, saw first oil production in 2017 and first gas in 2018.

Claudio Descalzi noted that ENI had initially invested over $8 billion in Ghana before circumstances forced the company to move its operations to Côte d’Ivoire. However, with the change in government, the company sees an opportunity to return.

“We invested over $8 billion in Ghana and were ready for business. Despite the bitter experience that compelled us to move our investment to the Ivory Coast, we are happy to restart because of you. We can’t blame Ghanaians,” he told President Mahama.

This development was detailed in a 17-page document published by the presidency titled ‘Presidency Communications’ on February 10, 2025.

President Mahama welcomed ENI’s return, expressing confidence that it would boost production, particularly gas supply, leading to lower electricity costs for Ghana and the West Africa Power Pool.

“During my inauguration, I said Ghana is open for business again. We want our friends to come back, and we are ready to put everything in place to ensure your investments are safe and that Ghana benefits,” he assured.

The meeting was attended by key government officials, including Finance Minister Dr. Cassiel Ato Forson, Energy Minister John Jinapor, and Attorney General and Minister for Justice Dr. Dominic Ayine.