Image courtesy of Eni.

Eni won a green light from Ghana’s government Monday to start development at the Offshore Cape Three Points (OCTP) license.

The project can now be considered for approval by Ghana’s parliament.

Production at the $6 billion offshore gas project is expected to start in 2017.

OCTP is projected to deliver up to 170 million cubic feet per day of gas during the next 20 years.

The block is located in the Tano Basin, about 31 miles off the coast of Ghana.

Eni made its first discovery at the block in 2012 with production tests producing about 5,000 barrels of “high quality” oil per day.

OCTP is expected to boost power generation in Ghana by providing cheaper fuel to domestic power plants.

Ghana’s government is planning to acquire a third floating production storage and offloading vessel to be used at the site, Reuters said.

Italy’s Eni holds a 47.22 percent interest in the OCTP license.

Vitol Upstream Ghana Limited holds a 37.77 percent share and state owned Ghana National Petroleum Corporation holds a 15 percent share with an option to hold an additional 5 percent share.


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