MILAN: Italian energy group Eni, Africa’s biggest foreign oil and gas producer, and partner oil trader Vitol said they had made their first important oil discovery offshore Ghana where they operate two blocks.
During production tests, the well produced about 5,000 high quality barrels of oil per day although the flow rate was constrained by inadequate surface infrastructure, Eni said in a statement.
Eni said the discovery had commercial potential and confirmed the importance of the block in terms of oil present, as well as natural gas and condensates.
Swiss-based Vitol, known for its role as a middle man, buying and selling cargoes on the global market, has taken steps in recent years to acquire upstream and downstream assets.
As Africa’s newest oil exporter, Ghana has attracted strong interest from exploration companies despite missing output targets last year after Tullow Oil postponed production from its lucrative Jubilee field.
Eni, which is sitting on massive gas reserves in Mozambique that have drawn a lot of interest from other majors, is keen to expand its footprint in Africa.
The planned sale of its controlling stake in Italian gas transport group Snam will raise about 6 billion euros ($ 7.83 billion) in cash and remove 11 billion euros of debt from the Eni balance sheet, resources that could be used to fund upstream business.
The Ghana discovery was made in the country’s Offshore Cape Three Points block in which Eni owns a controlling 47.2 percent stake, Vitol’s Ghana branch has a 37.8 percent stake and Ghana’s state oil firm GNPC has 15 percent.
Eni makes first big oil discovery in Ghana
Eni makes first big oil discovery in Ghana
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
