The Sankofa Gye Nyame Oil and Gas project, is the largest gas well which will soon produce natural gas for onwards refinery by the Ghana Gas Company at Atuabo for both industrial and domestic use.
The expected arrival of the FPSO will mark a great milestone in the country’s history of oil and gas production.
The Managing Director of ENI Ghana, Fabio Cavanna announced this last week.
According to him, construction works have advanced steadily and the vessel is set to arrive in the country for commercial production to commence in August 2017, as scheduled.
“I can say that we are in the advanced stage of the project; the FPSO is coming to Ghana in March 2017 and then it has to be installed and all the facilities installed, so the first storage is confirmed in August,” Fabio Cavanna observed.
The ENI Ghana boss however explained that gas from the oil fields is expected to start in the first half of 2018.
“We are also working hard for the gas portion and the first gas is planned in the first half of 2018 and we are going to deliver at least one hundred and seventy one million standard cubic feet a day from 2018 to 2036,” he added.
In addition, Fabio Cavanna said is confident the project will enable Ghana grow its energy supplies.
ENI, the operator for the Sankofa Gye Nyame Oil& Gas Project, holds a 47.2 percent participating interest in the block while Vitol holds 37.8 percent.
GNPC holds a 15 percent carried interest and 5 percent additional participating interest.
Ghana took another major step towards the attainment of energy and power security with the signing of an agreement for the development of the Offshore Cape Three Points ( OCTP) integrated oil and gas project.
The $7 billion project, being undertaken by Italy’s largest oil company, Eni Spa, in collaboration with Vitol Energy, will see the development of the Sankofa and Gye Nyame fields that will provide substantial gas to operate Ghana’s thermal power plants for 20 years.
President John Dramani Mahama, who said the project was probably the biggest single foreign direct investment (FDI) in Africa this year, and the Vice-President, Mr K.B. Amissah-Arthur, witnessed the signing ceremony at the Peduase Lodge in the Eastern Region earlier this year.
The Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould and the Minister of Petroleum, Mr Emmanuel Armah-Kofi Buah, signed for Ghana, while the Executive Vice-President of Eni Spa in charge of Sub-Saharan Africa, Mr Ciro Antonio Pagano, and the President and CEO of Vitol, Mr Tan Taylor, signed for Eni and Vitol respectively.
Oil production from the OCTP is estimated at 80,000 barrels per day and will start in 2017, while gas comes on board in 2018.
The project will deliver 170 million cubic feet of gas per day and it is expected to generate an additional 1,100 megawatts of power for Ghana.
Gas will be processed and transported via a dedicated pipeline to onshore gas-receiving facilities located near Sanzule, a coastal village in the Western Region.
The gas will also be compressed and injected into the Western Corridor Gas Pipeline for transportation to industrial customers in Ghana.
Crude oil will also be stored in the FPSO and offloaded to tankers for sale on the international market.
Ghana is represented on the project by the GNPC.