Akufo-Addo to turn valves for Sankofa-Gye Nyame Oil on July 6

President Akufo-Addo is expected to turn the valves on the FPSO John Kufour on July 6 for Formal commercial production on the Sankofa-Gye Nyame oil and gas field.

Sources say even though production has already started, this would just be a formal ceremony to herald production on the field.

This would aid the production of 45 thousand barrels of crude in the first phase of production and up to 180 million standard cubic feet by end of next year.

The field is starting production, three months ahead of scheduled date. ENI holds a 44.44 percent stake in the field, while upstream trader Vitol holds 35.56 percent while state oil company Ghana National Petroleum Corporation (GNPC) has a combined carried and participating interest of 20 percent.

The project could raise Ghana's oil output to around 200,000 barrels per day and gas production to more than 300 million standard cubic feet.

Production on Sankofa-Gye Nyame field could help increase electricity by 1000 megawatts.

Eni has been present in Ghana since 2009 through its subsidiary Eni Ghana, and with the start-up of OCTP Integrated Oil&Gas Development Project, the company has become one of Ghana’s main operators.

In 2016, ENI obtained a new exploration license, Cape Three Points Block 4, adjacent to the OCTP Block.

The launch of OCTP will provide gas to Ghana for over 15 years and the resulting electricity will give a real boost to the country’s development.

All of this has only been possible thanks to the unwavering commitment of Ghanaian authorities and of our partners

Industry Responds
Energy expert, Ben Boakye is worried the necessary statutes has not been instituted for the Ghana really benefit from this oil field is still not in place.

Economist Dr Ishmael Yamson is, however, warning government not to see the extra revenue from the field as an answer to all its problems.

He believes that a lot more needs to be done to diversify the economy, to avoid the expected shocks of any oil price volatility.

Story by Ghana | Myjoyonline.com | Joy Business