Scheduled to commence production in 2017, the $6bn OCTP block is operated by Eni with a 47.222% stake and is expected strengthen the supply of lean gas and liquefied petroleum gas on the domestic market.
Vitol and Ghana National Petroleum Corporation (GNPC) hold 37.778% and 15% stakes respectively in the block, also known as Sankofa Project.
Additionally, the government plans to acquire a third floating production storage and offloading (FPSO) vessel to support the offshore project, which is due to receive the Parliament approval.
Reuters quoted the government as saying in a statement: "This project promises to deliver up to 170 million cubic feet of gas per day for the next 20 years and put Ghana on its way to a future where one of the critical constraints to power generation (cheaper fuel) will be addressed."
Currently, Ghana produces approximately 100,000 barrels per day and 120 million cubic feet of gas from the offshore Jubilee field.
The country is planning to commence oil production and 50 million cubic feet of gas from the Tweneboah Enyeara and Ntomme (TEN) offshore field in 2016.
