Eni's OCTP project in Ghana gets the go-ahead, with first oil expected in 2017.
Italy's Eni reported Tuesday that it has signed an agreement with parties that include the Ghanaian government to proceed with the Offshore Cape Three Point integrated oil and gas project in Ghana.
Eni, Vitol, Ghana National Petroleum Corporation, Ghanaian President Dramani Mahama and Minister of Petroleum Emmanuel Armah-Kofi Buah signed the agreement for the project, which is expected to produce first oil in 2017 and first gas in 2018. Peak production is expected to be 80,000 barrels of oil equivalent per day in 2019.
A deep offshore development, the OCTP project is located approximately 36 miles off Ghana's coast. It comprises oil and gas non-associated gas fields and will access around 1.45 trillion cubic feet of gas and 500 million barrels of oil in place.
Eni CEO Claudio Descalzi commented in a company statement:
"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. The sanction of this significant project comes after less than two years from the completion of a successful exploration campaign. Once again, in the best tradition of Eni, we deliver fast-track organic growth addressing in a sustainable manner the energy requirements of the host country, in line with the Eni model in Africa."
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