Ghana has begun building its third Floating Production Storage and Offloading (FPSO) vessel as part of moves to make the country an oil hub in West Africa.
According to Citifmonline, this comes after the country completed the OCTIP Sankofa gas project negotiations at a cost of 7 billion dollars endorsed by the World Bank and IFC.
The FPSO construction, which is expected to be completed and delivered by the last quarter of 2016, will produce some 45,000 barrels of crude oil daily by 2017 and some 170 million cubic feet of gas daily by 2018.
Eni and Vitol are the operators of the Sankofa fields while the Ghana National Petroleum Corporation (GNPC) is partnering them on behalf of Ghana, according to Footprint2Africa.
The Minister of Petroleum, Emmanuel Armah Kofi Buah, noted that the upstream petroleum sector is now a major contributor to the Gross Domestic Product (GDP), becoming second to the mining sector.
He concluded by saying, “The sector is one which has helped to shape our economy in times when we have challenges. This has led to the five percent growth the World Bank is projecting for the country going forward.”