President Akufo-Addo was today joined by officials of Sankofa-Gye Nyame Oil and Gas field to turn valves for formal commercial production on the field in the Western region.
According to Starr News’ Wilberforce Asare, the President is also expected to address a gathering after the commissioning of the Oil rig to outdoor his vision in the oil sector and how Ghana will take advantage of it to improve the Ghanaian economy and other exploration available for the country.
The field is estimated to produce 50,000 barrels of oil per day once commercial production begins. It will also start producing gas in the second quarter of 2018.
The field is starting production, three months ahead of scheduled date. ENI holds a 44.44 percent stake in the field, while upstream trader Vitol holds 35.56 percent while the Ghana National Petroleum Corporation (GNPC) has a combined carried and participating interest of 20 percent.
The project could raise Ghana’s oil output to around 200,000 barrels per day and gas production to more than 300 million standard cubic feet.
Production on Sankofa-Gye Nyame field could help increase electricity by 1000 megawatts.
Eni has been present in Ghana since 2009 through its subsidiary Eni Ghana, and with the start-up of OCTP Integrated Oil&Gas Development Project, the company has become one of Ghana’s main operators.
In 2016, ENI obtained a new exploration license, Cape Three Points Block 4, adjacent to the OCTP Block.
The launch of OCTP will provide gas to Ghana for over 15 years and the resulting electricity will give a real boost to the country’s development.