Ghana: Oil Price Fall – $7bn OCTP gas project on course – Eni

o9 December 2015, News Wires – ENI has given the government of Ghana the assurance of its commitment to the development of the West African oil producer’s oil and gas industry despite the continuously falling price of crude oil on the world market.



Brent crude is currently selling at $43 per barrel on the world market. It started falling from the $100 mark since the beginning of the year.

ENI’s Executive Vice-President for the oil firm’s sub-Sahara African Regional Branch, Mr. Umberto Carrara, gave the assurance to the Government of Ghana when he paid a courtesy call on Petroleum Minister Emmanuel Armah-Kofi Buah. He said despite the fact that the oil price fall has forced many Exploration and Production (E&P) companies to cut tens of billions of dollars in capital spending, ENI will remain committed to its operations on the Offshore Cape Three Points (OCTP) Sankofa Gas Project.

The Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project includes the combined development of the Sankofa Main, Sankofa East, Gye Nyame, Sankofa East Cenomanian and Sankofa East Campanian fields. The former three are non-associated gas fields while the latter two are oil fields. The development of the fields started in January 2015.

The fields are located within the OCTP block in the Tano Basin, at water depths ranging from 600m to 1,000m and approximately 60km off the coast of Ghana. The area covered by the fields is approximately 694km².



  • Business Day Ghana
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