Ghana is expected to produce its first oil from the ENI Sankofa-Gye Nyame field in July.

The Field, which is estimated to produce 50,000 barrels of oil per day after the start of commercial production, will also start producing gas in the second quarter of 2018.

The Minister of Energy, Mr Boakye Agyarko, speaking at the luncheon meeting of the American Chamber of Commerce Ghana in Accra, said the lead operator of the field, ENI, had been producing oil but a ceremony to officially commence commercial production would be held in July.

“ENI Ghana has completed all the installation of subsea equipment and the Floating Production Storage and Offloading (FPSO). Start-up production had commenced with the oil introduced into the facilities on board the FPSO John Agyekum Kufour,” he said.

President Nana Addo Dankwa Akufo-Addo is expected to symbolically turn on the valve for full production at the ceremony.

“Preparation for the first oil ceremony is in an advanced stage and will come off in the first week of July 2017. As tradition demands, His Excellency the President will be the special guest for the ceremony,” he added.

The project, which was completed ahead of schedule and under budget, is the second field coming onstream after the oil price slump.

Mr Agyarko stated that oil production from the Tweneboa - Enyera- Ntomme (TEN) Field commenced last August with initial production of about 45,000 barrels per day.

He added that the commissioning of facilities on board the FPSO was still in progress.

“The average oil production has been ramped up to 60,000 barrels per day and 45 million metric standard cubic feet (mmscf) of gas per day are exported to Ghana Gas for processing,” he said.

He stated that the projected oil production target of 80,000 barrels per day would be achieved when commissioning of all the facilities had been completed and optimum reliability of the FPSO was obtained.

It is also expected that after the ruling by the International Tribunal for the Law of the Sea (ITLOS), in addition, Tullow will be able to drill more wells to optimise production.

Gas export from the field to Ghana Gas Plant commenced this month and on the average, 45 mmscf per day of gas are exported for processing.

This, he said, would improve gas supply to the Plants.