Oil production began on the Ghana's Sankofa Oil and Gas Project, which is approximately 60 kilometres offshore Ghana, The Swiss-Dutch oil trading company Vitol announced Sunday.
The Ghana National Petroleum Corporation (GNPC), Vitol and the Italian Eni are partnering in the development which will access approximately 1.5 trillion cubic feet (tcf) (approximately 42.4 billion cubic meters) of gas-in-place and around 500 million barrels of oil-in-place, according to the statement.
Production has been made through the John Agyekum Kufour Floating Production Storage and Offloading vessel (FPSO), a 333m long 58m wide vessel with a storage capacity of 1.7 million barrels of oil.
Company proclaimed that production will ramp up to at least 45,000 barrels per day and the first cargo will be ready for loading in August 2017.
The natural gas production expected to start in 2018. Daily production will be over 180 million standard cubic feet per day (Approximately 5 million cubic meters) of natural gas and it will provide enough gas to Ghana’s thermal power sector until at least 2036, said in the press release.
According to the press release, the project benefits from the support of the World Bank Group, which described it as a ‘top priority’ for Ghana and has provided the largest guarantees in its history to the development.
“We have been able to deliver first oil over 3 months ahead of schedule. We look forward to continuing our strong working relationship with our partners as the project progresses.” Ian Taylor, Chairman and Group CEO, Vitol said.
A part of the Offshore Cape Three Points (OCTP) project, the development of the natural gas fields comprises phase two of the wider project. Phase one encompasses the development of Sankofa East oil field, while the second phase aims at developing non-associated gas in the two fields.
The project is being developed by a joint venture of Eni Ghana with 44.44 percent, which is also the operator and Vitol Ghana with 35.56 percent while Ghana National Petroleum Corporation with 20 percent.
By Muhsin Baris Tiryakioglu