Petroleum Africa
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Wednesday, February 11, 2015
With the signing of the agreement between the partners on the Offshore Cape Three Points (OCTP) development and the government of Ghana, the West African country moves another step closer to lessening its dependence on natural gas imports from Nigeria, which have been unreliable in the past.
OCTP partners ENI, Vitol, and GNPC will develop the integrated oil and gas project, it comprises oil and non-associated gas fields and will access around 1.45 Tcf of gas and 500 million barrels of oil in place. First oil is expected in 2017, first gas in 2018, and the peak production will be 80,000 boepd in 2019.
According to ENI, the integrated nature of the development provides an economically robust project allowing the country to achieve a competitive gas price which will support its economy. Furthermore, the OCTP fields will continuously supply Ghana’s thermal power system, from 2018 to 2036. The supply will be secured thanks to long term contracts with the government. In addition Ghana will benefit from additional oil production starting from 2017.
Moreover the project allows Ghana an alternative to Nigerian imports via the WAGP. The country has seen imports from Nigeria start and stop on a regular basis, which has led the government to encourage operators to pursue gas production and the development of gas processing infrastructure. In mid-January the country saw gas production from the Jubilee field stepped up. Gas supplies from the OCTP will be a welcome addition to the country’s nascent natural gas sector and to its budget as it weans itself off costly imports.
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