Mr. Emmanuel Armah-Kofi Buah, Minister of Petroleum, has said that the Sankofa Gye-Nyame Project (OCTP) is poised to start delivering in the first quarter of next year. This is because the floating production, storage and offloading (FPSO) vessel for the field was 80 per cent complete in Singapore.
He said the OCTP Field was expected to produce 45,000 bpd of oil commencing in the first quarter of the year, to be complemented with 180mmscfd of gas in the first half of 2018.
The Minister said this when he interacted with some of the directors of the ministry, to evaluate projects and targeted performance.
He explained that the gas to be produced from the field, would be enough to generate about 1000mw of power which would go a long way to mitigate the perennial gas shortage in the country.
Mr. Buah said as part of the measures to ensure that the project was delivered on time; President Mahama early this year, cut the sod for the construction of the Onshore Receiving Facility (ORF) at Sanzule-Ellembelle, in the Western Region to receive the lean gas from the field.
He added that last September, in order to boost the financial package to support the project, all the parties including the World Bank, ENI, and Ghana National Petroleum Company (GNPC), signed Indemnity Agreements providing the 700 million dollars security package to back the over seven-billion-dollar investment project.
“This signing ceremony signalled an achievement of one of the major milestones and conditions precedent for the financing and delivery of the project,” he said.
Mr. Buah explained that the World Bank guarantee was significant because it was the largest Partial Risk Guarantee by the bank to support the largest ever foreign investment in Ghana.
He said the project demonstrated the government’s commitment to forging the right partnerships to achieve energy security for the country.
Giving insights to some of the upstream activities, he said despite the challenges with the FPSO Kwame Nkrumah, production from the Jubilee Field remained steady, with cumulative production as at September this year, being 181 million barrels of oil and 41bcf of gas.
The Minister, said the TEN Field with FPSO Prof. John Evans Atta Mills, was producing about 80,000bopd and 50mmscfd of gas to complement gas production to fuel thermal plants for electricity generation.