Accra (AFP) - Ghana on Monday accepted a bid from Italian oil major Eni to develop its offshore oil and gas resources, part of an effort to boost the west African nation's nascent energy sector, officials said.
Under the $6 billion deal (4.8 billion euro) "commercial production of oil and gas (is expected to start) by mid-2017 to augment the country's current production capacity," the energy ministry said in a statement.
The accord pertains specifically to the offshore field known as Cape Three Points.
Ghana, which began commercial oil production in late 2010 at its Jubilee field, has struggled to hit its production targets so far and has faced challenges in attracting foreign investment to fully develop its oil and gas resources.
The country currently produces around 100,000 barrels per day (bpd), far below nearby Nigeria, which churns out about two million, but enough to provide a significant revenue boost in the nation of some 25 million people.
Dumsor: Don't rush to demand timetable; the problem may be temporary — Atik Moha...
Space X Starlink’s satellite broadband approved in Ghana — NCA
2024 election will be decided on the grounds of the economy; choice of running m...
Dumsor: We're demanding less; just give us a timetable — Kwesi Pratt to ECG
Do I have to apologise for doing my security work, I won’t – Simon Osei-Mensah r...
All my businesses have collapsed under Akufo-Addo — NDC Central regional chair
Military, Prison Officers clash in Bawku, three injured
GRA-SML contract: MFWA files RTI request demanding KPMG report
Court threatens to call second accused to testify if NDC's Ofosu Ampofo fails to...
Family accuses hospital of medical negligence, extortion in death of 17-year-old...
