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Wednesday, January 28, 2015
ENI signed an agreement with the Ghanaian government to proceed with the Offshore Cape Three Point (OCTP) integrated oil and gas project in Ghana. ENI, Vitol, GNPC, the president of Ghana John Mahama, and Minister of Petroleum Emmanuel Armah-Kofi Buah signed the agreement for the project.
The OCTP is expected to produce first oil in 2017 and first gas in 2018, with a peak production of 80,000 boepd expected in 2019.
The project is comprised of oil and non-associated gas and will access around 1.45 Tcf of gas and 500 million barrels of oil in place.
ENI’s CEO Claudio Descalzi commented 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. 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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