Ghana to Get FPSO for Sankofa

Ghana to Get FPSO for Sankofa

Eni Ghana’s Managing Director, Fabio Cavanna said the Ghana will receive a Floating, Production and Storage and Offloading (FPSO) vessel for the Sankofa project by March 2017 after which production of crude would commence by August. An estimated 170mcf of gas would be produced daily by 2018, News Ghana Reported. Furthermore, the Ghana National Petroleum Corporation’s (GNPC) CEO, Alex Mould, added that the project will be completed within schedule in spite of the challenging oil and gas environment, according to Citi Business News.

Italian Eni, the operator for the Sankofa Gye Nyame oil and gas Project, holds a 47.2% participating interest in the block, while Vitol holds 37.8%. GNPC holds a 15% carried interest and 5% additional participating interest.

The completion of the project will bring an additional 1GW of power to Ghana’s national grid once gas production commences. The $7b project has been criticized by some, especially the minority in Ghana’s parliament, saying the budget had been bloated by government. The New Patriotic Party (NPP) have  called for a review of the contract. But the government insisted that the agreement was in the best interest of Ghana. The deal was signed by the government in the heat of the power crises that struck the country recently. It is seen as the biggest single foreign direct investment (FDI) in Africa in 2015 with the capacity of providing substantial gas to operate Ghana’s thermal power plants for 20 years.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password