Eni and Dutch commodities trading company Vitol signed a memorandum of understanding with representatives from the Ghanaian Ministry of Energy and the Ghana National Petroleum Corp.
Eni will serve as the operator in the development and commercialization of natural gas reserves discovered at the Offshore Cape Three Points block.
Eni announced in April that it encountered a 114-foot column of natural gas and a minor presence of oil at the Sankofa discovery off the coast of Ghana, situated within the block.
The license for the Three Points block covers an area of 268 square miles. Water depths range from 160-4,500 feet.
Ghana is emerging as a regional energy powerhouse. The country shipped its first delivery of oil from the giant offshore Jubilee field in January.
Eni said the MOU focuses primarily on the domestic natural gas market in Ghana.