Vitol reported that the Sankofa field on Ghana’s Offshore Cape Three Points (OCTP) block started delivery of natural gas, marking the beginning of stable supplies of cost effective and environmentally friendly domestic fuel for Ghana’s power sector.
In addition, Ghana will benefit significantly from GNPC’s carried and participating interest in the project, Ghana’s royalty share of oil and gas production and taxes being paid by Vitol and ENI.
The estimated net cost of gas to Ghana will be less than $4.5/MMBtu, greatly reducing Ghana’s fuel costs compared to liquid fuels or imported gas.
The project will provide approximately 180 Mmscf/d for at least 15 years, sufficient to supply half of Ghana’s power generation requirements. It is the only deep offshore non-associated gas development in sub-Saharan Africa entirely destined for domestic consumption and will guarantee stable, reliable, affordable gas supplies to Ghana with estimated energy cost savings of up to 40% per year for the State.
Gas is flowing from two of the four deep water subsea wells and gas volumes will increase gradually as the country’s downstream gas infrastructure undergoes further commissioning.
OCTP Integrated Oil and Gas Project is made up of ENI 44.44% and operator, Vitol with 35.56%, and GNPC 20%.
First oil was achieved in May 2017, three months ahead of schedule. With the completion of the OCTP gas facilities. OCTP’s overall oil and gas production can reach up to 85,000 boepd once the gas and condensate production has been fully ramped up.