By Justice Lee Adoboe TAKORADI, Ghana,
(Xinhua) -- Ghana’s third commercial
oil field Sankofa-Gye Nyame became operational officially on
Thursday as President Nana Akufo-Addo turned the valves for
production to commence.
The field, also
known as the Offshore Cape Three Points (OCTP), an integrated
oil and gas field, is expected to produce 45,000 barrels of oil
per day at its peak while the production of 171 million standard
cubic feet of gas per day will commence in 2018.
The president noted
that the decision by the partners to invest in the project, in
spite of the uncertainties of the global oil industry, had paid
“It is evident that
we are steadily walking towards the realization of the vision to
make Ghana the petroleum hub of West Africa,” Akufo-Addo said.
He said the
government would employ efficient management of revenue and
resources accruing from the petroleum sector to make the desired
impact on all Ghanaians.
“We will prudently
manage the revenue from our petroleum resources with a long-term
perspective ... so that the petroleum sector becomes a
significant contributor to financing nationwide
industrialization,” the president said.
The integrated oil
and gas field was discovered by Italian oil giants Eni in 2011
with the Plan of Development (POD) receiving government approval
in January 2015, opening the door for the injection of 7.9
billion U.S. dollars into the development.
Global Chief Executive Officer (CEO) of Eni, said the OCTP
project was special not just as it was one of the few single
fields in the world with both oil and dry gas resources, but
also due to the time the project was developed.
“The project was
started at a time, three years ago, when many projects were
folding up due to the drop in global oil prices. We did it
because we believe in the project; we did it because we believe
in the country,” he said.
The CEO added that
the OCTP project was a booster for Ghana, both in the revenue it
would bring from oil export and also in electricity generation
potential to be unleashed through the use of gas to power
Eni is the operator
of the OCTP block with a 44.44-percent stakes, while Vitol holds
35.56 percent and Ghana National Petroleum Corporation (GNPC)
holds 20 percent on behalf of the government.
that the ability to generate 1,100 mw of power from domestic gas
sources would go a long way to ensure sustainable power supply
to propel rapid economic growth.