Business News of Sunday, 25 January 2015
Ghana will sign a new deal with Italian oil giant, ENI, for the production of about 180 million cubic feet of gas on Tuesday.
“On the 27th, we are signing the ENI/Sankofa field agreement in Accra and it’s going to deliver between 150 and 180 million; so going forward, we are looking at about 300 and 350 million standard cubic feet which will be very important in terms of generating power and ensuring energy security for us,” said President Mahama.
The ENI/Sankofa deal will augment Ghana’s attempts to be self-sufficient in the production of energy.
This was after a government negotiating team made up of officials of the Ministry of Energy & Petroleum, Ministry of Finance, the Ghana National Petroleum Corporation (GNPC) and ENI Exploration, operators of the offshore Cape Three Points (OCTP) block concluded talks to allow ENI commence production of gas.
President John Mahama who revealed this at a meeting with the Ghanaian community in Germany said he is optimistic this and the many other projects in the works will make Ghana energy sufficient.
He indicated that it is imperative for Ghana to “look at our own gas reserves and see how we can produce enough gas to be able to ensure energy security for Ghana.”
According to him, the country has a lot of potential for gas and his government is working assiduously to make Ghana energy sufficient.
“We potentially can get a 150 standard cubic feet from the Jubilee Field,” adding that “we [government] are developing the TEN field which will come on stream in 2016 and that again can provide us between 50 and 80 standard cubic feet.”
Power producers in Ghana have been struggling to produce enough energy for consumers.
This has resulted in load shedding exercises which have been ongoing for about two years.
In a bid to solve the problem, government is embarking on various projects to generate more power for citizens.
The President also formed a new Ministry of Power to have a proper oversight of the power sector.