Ghana's government has given Eni the final green light to develop gas resources in the Offshore Cape Three Points (OCTP) block, and production is expected to begin in 2017, according to Reuters.
The government plans to acquire a third floating production storage and offloading (FPSO) vessel, to be used for the $6 billion offshore project which must now be approved by Ghana's parliament.
The project is expected to deliver up to 170 million cubic feet of gas per day for the next 20 years. Reuters noted that a senior official at Ghana National Petroleum Corp. (GNPC), a partner in the project, said the $6 billion total covers all costs leading to production of oil and gas, including the initial cost of the FPSO, which will be leased.
Eni operates the OCTP block, in partnership with commodities trader Vitol and GNPC.