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.
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.
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.