Italian explorer Eni sanctioned the Offshore Cape Three Point (OCTP) deepwater development project that will provide domestic gas supply to Ghana’s thermal power plants for more than 15 years.
Image from Eni.
Eni and its partners signed an agreement with the Minister of Petroleum, Emmanuel Armah-Kofi Buah, to proceed with the OCTP integrated oil and gas project.
OCTP is approximately 60km from the Ghanaian Western Region’s coast and includes oil and non-associated gas fields that will access around 41Bcm of gas and 500MMbbl in place. First oil from the development is expected in 2017 and first gas in 2018. Peak production is expected to be 80,000boe/d in 2019.
“The sanction of this significant project comes after less than two years from the completion of a successful exploration campaign,” says Claudio Descalzi, Eni CEO.
OCTP will allow Ghana to achieve a competitive gas price and the fields will continuously supply Ghana’s thermal power system, from 2018 to 2036. The supply will be secured with long-term contracts with the government of Ghana. The country will also benefit from additional oil production beginning in 2017 through GNPC’s participation in the project and royalties and taxes generated by the production, in addition to employment and further development of local content.
Eni says that the project will have 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, through its subsidiary Eni Ghana, is the operator of OTCP block with 47.22% interest with partners Vitol (37.77%) and GNPC (15%).
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