Ghana gives ENI the OK for $6 billion offshore gas project

Ghana’s government has given ENI the final green light to develop gas resources in the offshore Cape Three Points block, expected to begin production in 2017, Reuters reported.

Nov 24th, 2014

Offshore staff

ACCRA, Ghana –Ghana’s government has given ENI the final green light to develop gas resources in the offshore Cape Three Points block, expected to begin production in 2017, Reuters reported.

The government also plans to acquire a third FPSO to be used for the $6 billion offshore project, which must now be approved by Ghana’s parliament.

"This project promises to deliver up to 170 MMcf/d for the next 20 years and put Ghana on its way to a future where one of the critical constraints to power generation (cheaper fuel) will be addressed," it said.

The $6-billion project covers all costs leading to production of oil and gas, including the initial cost of the FPSO, which will be leased, according to a senior official at Ghana National Petroleum Corp.

Eni operates the OCTP block, while Vitol and GNPC serve as partners.

11/24/2014

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