Business News of Thursday, 13 July 2017
Italian energy company Eni has released footage showing the design and building of the Floating Production Storage and Offloading Vessel (FPSO) John Agyekum Kufuor for its the Offshore Cape Three Points (OCTP) block off the coast of Ghana.
The President, Nana Akufo-Addo on July 6 commissioned the FPSO John Agyekum Kufuor to formally kick-start the production of oil in commercial quantities from the Sankofa Gye-Nyame Fields.
The project is made up of the Sankofa Main, Sankofa East and Gye-Nyame fields, located 60 kilometres off Ghana’s Western Region Coast.
Eni chief executive officer Claudio Decalzi said: “Starting production only two and a half years after the approval of the Development Plan is an extraordinary result and a reason for great pride.
“It certifies our exploration skills and knowledge, as well as our field development vision, and it confirms the effectiveness of our new operational model, where Eni has a central role in project management, aimed at improving time-to-market.”
The field will produce up to 85,000 barrels of oil per day, with 770 million barrel of oil equivalent in total at the site.
The project also includes the development of gas fields, which will produce gas for Ghana’s domestic market.
Eni is the operator of the OCTP block with a 44.44% stake, Vitol holds 35.56% and Ghana National Petroleum Corporation owns 20%.
Eni has been present in Ghana since 2009 through its subsidiary Eni Ghana.