October

Location and Geology

The OCTP project is located within the OCTP block in the Tano Basin, approximately 60 kilometers off the coast of Ghana. The fields are situated at water depths ranging from 600 meters to 1,000 meters.

Fields and Reserves

The project involves the combined development of several fields:

• Sankofa Main
• Sankofa East
• Gye Nyame
• Sankofa East Cenomanian
• Sankofa East Campanian

The Sankofa Main, Gye Nyame, and Sankofa East fields are non-associated gas fields, while the Sankofa East Cenomanian and Sankofa East Campanian fields are oil fields. The estimated reserves include approximately 1.5 trillion cubic feet (tcf) of gas and 500 million barrels of oil.

Production

Oil production commenced in May 2017 and was expected to peak at 80,000 barrels of oil per day in 2019. Gas production began in mid-2018, with a daily production capacity of 170 million cubic feet, sufficient to generate an additional 1,100 MW of power for Ghana.

Infrastructure

The project utilizes a Floating Production, Storage, and Offloading (FPSO) unit converted from the Yinson Genesis tanker (formerly Ulriken). The FPSO has:

• A storage capacity of 1.7 million barrels
• An oil processing capacity of 58,000 barrels per day
• A gas injection capacity of 150 million standard cubic feet per day (Mmscfd)
• A maximum future gas-export capacity of 210 Mmscfd.

Operators and Stakeholders

The project is operated by Eni’s subsidiary, Eni Ghana Exploration and Production, which holds a 47.22% stake. Other stakeholders include:

• Vitol Upstream Ghana with a 37.78% interest
• Ghana National Petroleum Corporation with a 15% interest, and an option to increase its share by an additional 5%.

Investment and Funding

The overall investment in the project is estimated to reach $7 billion. The World Bank is providing a partial risk guarantee for the project.

Environmental and Social Impact

The development of the fields has been carefully planned to minimize environmental impact. The project adheres to international best practices and has undergone rigorous environmental and social impact assessments. The gas produced will help feed Ghana’s thermal power plants for over 20 years, contributing to the country's energy security.

Contractors and Development

TechnipFMC has been appointed as the engineering, procurement, and construction contractor for the onshore receiving facilities of the OCTP development. The fields were discovered between 2009 and 2012 through several exploration and appraisal wells, with the development phase starting in January 2015.

This project is a significant step in Ghana's energy sector, providing both oil and gas to support the country's energy needs and economic development.