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Italian Eni holds a 44.44 percent stake in the project. which pumps 45.000 barrels of oil per day from the field in the ongoing first phase of the enterprise. By next year. the $7.9 billion Offshore Cape Three Points venture will also extract 180 million cubic feet of natural gas per day from the Gye Nyame reserve.
`ENI has launched production from the integrated oil and gas development project in the OCTP block. off Ghana`s western coast. in just two and half years. and three months ahead of schedule.` the company said in a statement to Reuters. The project will more than double gas output for the West African nation by adding 1.000 MW worth of production. the government says.
`We have started production but not officially … It marks the beginning of Ghana`s journey towards petroleum-driven sustained economic growth.` an official from the state-run Ghana National Petroleum Corporation (GNPC) said.
An extraordinary metal that is vital to the electric car boom is facing a critical shortage. One small company has positioned itself to profit hugely from the coming price shock.
Ghana had sustained growth of at least 8 percent until 2013 partly due to the revenues from oil. but in recent years. Ghana has seen less income due to the plummeting price of the commodity coupled with a growing fiscal crisis. Government spending has been curtailed. but as explained on 20 September by the Governor of the Bank of Ghana. Dr. Abdul-Nashiru Issahaku. the drop in oil revenue caused growth in the federal deficit and an expanding trade deficit.
The government had sought to close a deal to “mortgage” its petroleum reserves to Chinese development banks — in exchange for massive loans needed to build production equipment. It remains unclear whether the deal came to pass.
