Receive our newsletter – data, insights and analysis delivered to you
March 23, 2015

Oceaneering wins role on Offshore Cape Three Points project in Ghana

Oceaneering International has won a contract to deliver equipment for the Offshore Cape Three Points (OCTP) block development project in Ghana.

By admin-demo

Oceaneering International has won a contract to deliver equipment for the Offshore Cape Three Points (OCTP) block development project in Ghana.

The contract has been awarded by ENI Ghana Exploration and Production and its partners, Vitol and GNPC. The deal requires Oceaneering to supply electro-hydraulic, steel tube umbilicals, totaling around 51km in length.

"The project will provide domestic gas supply to Ghana’s thermal power plants for more than 15 years."

Oceaneering plans to carry out product manufacturing at its umbilical facility in Panama City, Florida. Work is anticipated to start in the second quarter of 2015, and to be complete by the fourth quarter of 2017.

Located approximately 60km from the Ghanaian Western Region’s coast, the OCTP project features oil and non-associated gas fields.

It will access around 41 billion cubic metres of gas, and 500 million barrels of oil. First oil is expected in 2017 and initial gas in 2018, with peak production expected to be 80,000 barrels of oil equivalent per day by 2019.

Domestic gas supply to Ghana’s thermal power plants will be provided by the project for more than 15 years.

Content from our partners
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager
The important role of antifoam agents in oil-gas separation and amine treating

Eni, via its own subsidiary Eni Ghana, operates OCTP with a 47.22% interest, while Vitol and Ghana National Petroleum Corporation own 37.77% and 15% stakes respectively.

Overall investment on the project is estimated to reach $7bn. The World Bank is providing a partial risk guarantee for the project.

The offshore fields are estimated to hold around 1.5 trillion cubic feet of gas, and approximately 500 million barrels of oil.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU