Eni, Vitol and GNPC signed the agreement with the President of the Republic of Ghana, John Dramani Mahama, and the Minister of Petroleum, Emmanuel Armah-Kofi Buah, to proceed with the OCTP integrated oil & gas project in Ghana. First oil is expected in 2017, first gas in 2018 and the peak production will be 80,000boed in 2019.The project will provide domestic gas supply to Ghana’s thermal power plants for more than 15 years from 2018 to 2036.
The OCTP integrated project is a deep offshore development located approximately 60 km from the Ghanaian Western Region’s coast. It comprises oil and non-associated gas fields and will access around 41BCM of gas and 500 million barrels of oil in place. The supply will be secured thanks to long-term contracts with the Government of Ghana.
The project will have a 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 own subsidiary Eni Ghana, is block OCTP’s operator with a 47.22% stake. Other partners are Vitol with 37.77% and GNPC with 15%.
