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Ghana has signed a seven billion dollar oil and gas development agreement at Cape Three Points with Vitol of US and ENI of Italy.

The ceremony was witnessed in Accra by both President John Mahama and Vice President Kwesi Amissah-Arthur. Minister of Energy and Petroleum, Emmanuel Armah, Kofi Buah, signed for Ghana while the Vice President of ENI in charge of sub-Saharan African, Antonio Pagano initialed for his company.

CEO of GNPC, Alex Mould, signed the other agreement while the President and CEO of Vitol, Ian Taylor initialed for his company. Ghana's Energy and Petroleum Minister, Emmanuel Kofi Buah, said today's oil and gas agreement will be used to focus on the power sector of the Ghanaian market to address the current challenges.

Energy and Petroleum Minister, Emmanuel Kofi Buah. Vice President of ENI, Antonio Pagano said he is impressed at Ghana's efforts and determination to bring the oil and gas project to fruition.

For his part the CEO of Vitol, Ian Taylor, says he is delighted at the tremendous support from all stakeholders as they look forward to a successful implementation.

CEO of Vitol, Ian Taylor, President Mahama described the seven billion dollar oil and gas exploration agreements as good news for Ghana.