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Business News of Wednesday, 30 May 2018

Source: adomonline.com

OCTP to produce 171 million scalp of oil per day from June

The Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project is set to produce 171 million scalp of gas per day from June 2018.

The three non-associated gas fields of the OCTP which includes the Sankofa Main, Sankofa East and Gye Nyame commenced development in January 2015 alongside the Sankofa East Cenomanian and Sankofa East Campanian which are oil fields located about 60 kilometers off Ghana’s Western Region coast.

Disclosing the information to Adom New’s Felix Anim-Appau on the sides of a workshop organized by the Petroleum Commission for journalists, the Acting Director of Resource Management and Operations of the Petroleum Commission, Patrice Ackah said the project will produce more gas and utilize some for its own operations.

“The OCTP’s will produce 180 million scalp but part would be used for the fueling of the facility whiles 171 million tunnel cubic feet would be available for sale per day,’’ Mr Ackah disclosed.

That notwithstanding, the Acting Director said the OCTP gas would not cease the flow of gas from Nigeria Gas (N-Gas) since there exist a contract that must be respected.

“If you have a contract you need to meet the contract obligation so those gas they have signed, they will still get them till when that contract is over and even that they can still come since there are variant usage of the gas,” he specified.

In times past, the debt owed N-Gas resulted in a cut in supply of gas to the country which affected power generation.

In April 2018, officials of the West African Gas Pipeline Company (WAPCO), said government of Ghana had a standing arrangement with N-Gas of Nigeria to clear an outstanding debt of about 100 million dollars.

The development followed reports from the Nigerian media that the Ghana government owed N-Gas some 160 million dollars.

Mr Ackah also said the Aboazi Power Plant cannot handle the OCTP gas together with what Jubilee Field is supplying which would warrant a reverse flow to Tema for the remaining gas to be used by the power plants there.

Eni is operator of the OCTP block with a 44.44% stake, while Vitol holds 35.56% and Ghana National Petroleum Corporation (GNPC) 20%.