The Sankofa offshore gas project in Tano Basin the implication of which was carried out between 2016 and 2018 was developed by a joint venture between Eni Ghana (44.44%), Vitol Ghana (35.56%), and Ghana National Petroleum Corporation (20%).
The project encompassed the development of the Sankofa and Gye Nyame gas fields which are located 60km offshore of Western Ghana in water depths ranging from 520m to 1,014m in the Tano Basin. The fields are estimated to hold 1.45 trillion cubic feet (Tcf) of non-associated gas.
The project cost close to US$ 3bn. It was funded by the World Bank through a combination of International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) guarantees.
Reported On May 10, 2016
Construction work on the Sankofa gas project in Tano Basin, Ghana, begins
Ghana’s president, John Mahama, performed a groundbreaking ceremony for construction work to commence on the Sankofa gas project in Ghana at Sanzule, Ellembelle District. The project’s cost of US$700m.
The project includes the onshore gas reception facility ENI integrated Offshore Cape Three Points (OCTP) project. On completion, the project will have a production capacity of 180 million standard cubic feet per day (mscf/d) enough to generate about 1,000MW of power, and oil production of about 45,000 barrels per day.
Additionally, the onshore facility will consist of installations of the compressor station, helipad, and accommodation units to allow easy management and transmission of the gas after connection to the 111km gas pipelines operated by Ghana Gas.
The offshore facility will include the construction of FPSO and mooring, subsea installation, and extension of flow lines to the shore, which are presently in progress, locally and in Singapore. According to president Mahama, the project represents a positive impact on the country’s economy as the host and a true transformational investment as well as to the neighboring communities.
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Upskilling Ghanaians For The Future
Fabio Cavanna, the Managing Director of the lead operators at ENI Ghana, revealed the firm’s plans to upskill Ghanaians for this project.
“We at Eni Ghana have developed a long-term recruitment and training plan dedicated to local resources.” Said, Cavanna. “Large selection sessions have been held in 2014 and 2015 in collaboration with the University of Ghana and the Kwame Nkrumah University of Science and Technology,” he added.
Cavanna further revealed that the company has earmarked US$300m to spend on procurement from local firms, of which the corporation has already spent US$1.5bn on local content.
Eni Ghana began in 2006 with the aim of strengthening and improving Eni’s ability to respond coherently and effectively to the expectations of civil society. The company’s foundation addresses the main issues concerning the safeguarding of fundamental human rights: survival, social development, protection, and education.
The company also concentrates its activities in particular on children, who are most fragile and vulnerable. In line with the value set which has always characterized Eni’s work, the Eni Foundation’s mission is “to promote the protection of the rights of children with social solidarity initiatives aimed at encouraging their overall well-being and development.
Reported On Feb 4, 2017
Sankofa Gye Nyame Oil Field in Ghana to commence operation in 2017
Oil production from the Sankofa Gye Nyame Oil Field strives to begin in the second quarter of 2017 while production of gas will start in the second quarter of 2018. The oil field is the third producing asset after Jubilee and the TEN fields.
Currently, the implementation of the Sankofa Gye Nyame Gas Project is about 54% complete, while the Floating, Production Storage, and Offloading (FPSO) Vessel is almost 80% complete.
Alex Mould, Ghana National Petroleum Corporation (GNPC) Chief Executive Officer, revealed during the signing of the OCTP/Sankofa-Gye Nyame Gas Project Security Package that took place in Accra.
Speaking during the signing ceremony Finance Minister, Seth Terkper, said that, the project is Ghana’s First gas-to-power Project, with a capacity to supply 180 million standard cubic feet of natural gas. He added that the project aims to generate up to 1,100MW of power and, together with the Jubilee and TEN Oil Fields, contribute significantly to Ghana’s energy security needs.
World Bank: The Sankofa Gas Project Is Part Of Our Largest Private Sector Investments
According to World Bank Country Director in Ghana, Henry Kerali, in the 20-year history of World Bank guarantees, the project is one of the Bank’s largest private sector investments being undertaken in sub-Saharan Africa and the largest Guarantee operation.
However, the gas supply from the project aims to be stable and secure, much cleaner, and serve as a local source of fuel not subject to the fluctuations of rainfall or the global price of oil. Additionally, the project will help in reducing greenhouse gas emissions resulting from power generation from crude oil. The OCTP/Sankofa-Gye Nyame Oil Field holds an estimated 1.1 trillion standard cubic feet of natural gas and a proven hydrocarbon reserve of 204 million barrels of oil.
The World Bank has contributed to supporting the project with US$ 7.9 bn through a combination of the International Development Assistance (IDA) payment guarantee and the International Bank for Reconstruction and Development (IBRD) (Enclave) loan guarantees.
GNPC with its partners, VITOL Upstream Ghana Limited and ENI Ghana, private gas suppliers are developing the oil discoveries as integrated oil and gas projects with shared facilities on FPSO. The suppliers will develop, produce and sell gas to GNPC.
Eni Ghana, the operator of the oil block, holds a 47.2% participating interest while VITOL holds 37.8% interest, and GNPC holding has 15% carried interest and 5% additional participating interest.
Under the project, five agreements have been signed namely the IDA Guarantee Support Agreement, IDA Project Agreement, IDA Co-operation Agreement, IDA Indemnity Agreement, and the Reimbursement & Credit Agreement.
