Eni approves OCTP project in Ghana

Eni, Vitol and Ghana National Petroleum Corporation have signed an agreement with the President of Ghana, John Dramani Mahama, and the Minister of Petroleum, Emmanuel Armah-Kofi Buah, to proceed with the Offshore Cape Three Point integrated oil and gas project in Ghana.

First oil is expected in 2017, first gas in 2018 and the peak production will be 80,000 barrels of oil equivalent per day in 2019, a statement by Eni on Tuesday indicated.

The OCTP integrated project is a deep offshore development located approximately 60 km from the Ghanaian Western Region’s coast. It comprises oil and non-associated gas fields and will access around 41 billion cubic meters (1.45Tcf) of gas and 500 million barrels of oil in place.

The integrated nature of the oil and gas development, according to Eni, provided an economically robust project allowing the country to achieve a competitive gas price which will support its economy.

Furthermore, the OCTP fields will continuously supply Ghana’s thermal power system, from 2018 to 2036, the statement added.

The firm explained, “The supply will be secure, thanks to long-term contracts with the government of Ghana. Besides, the country will also benefit from additional oil production starting from 2017 through GNPC’s participation in the project and royalties and taxes generated by the production, together with employment and further development of local content.

“The project will have a minimal environmental impact being designed for zero flaring and zero discharge. The non-associated gas will provide environmental benefits feeding both existing power plants, replacing light crude oil, and new power plants, expanding the power generation capacity of the country.”

Eni’s Chief Executive Officer, Claudio Descalzi, was quoted as saying, “The OCTP development is a robust integrated oil and gas project that will provide the reliable energy source needed to accelerate the economic growth of Ghana by delivering a domestic solution to feed the power sector.

Punch

Leave a Reply

Your email address will not be published.