Eni, Vitol, GNPC Sign Ghana Oil, Gas Project Deal

Eni, Vitol and Ghana National Petroleum Corporation (GNPC) have signed with government of Ghana an agreement to proceed with the OCTP integrated oil and gas project.

First oil from the project is expected in 2017, first gas in 2018 and the peak production will be 80,000 boed in 2019, Eni said in a statement Tuesday.

The OCTP integrated project is a deep offshore development located approx. 60 km from the Ghanaian Western Region’s coast. It comprises oil and non-associated gas fields and will access around 41 billion cubic meters (1.45 Tcf) of gas and 500 million barrels of oil in place.

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 of Ghana.

Eni, through its own subsidiary Eni Ghana, is block OCTP’s operator with a 47,22% stake. Vitol has a 37,77% stake and GNPC owns 15% interest.