Ghana is to receive a 700 million-dollar facility from the World Bank for oil and gas exploration.

The facility, which has since been approved will be used for the exploration of oil and gas at the Cape Three Points in the Western Region.

The deal would also see Italian oil company ENI Spa, and a number of partners work on the project.

The executing arms of the deal which include ENI Spa, Vitol, the Ghana National Petroleum Corporation (GNPC) and the government of Ghana are expected to meet to study the terms and conditions, state newspaper Daily Graphic says.

The Board is expected to consider the approval on July 30.