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Matteo Renzi Italian PM assures continued support to OTCP gas project

Fall in global oil prices as a result of supply glut is prompting the cancellation of a string of major investment projects.

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Matteo Renzi addressing Ghana's Parliament play

Matteo Renzi addressing Ghana's Parliament

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Italian Prime Minister, Matteo Renzi has given assurance that the $7 billion Offshore Cape Three Points (OCTP) Sankofa Gas Project sponsored by Italian oil firm ENI will continue despite tumbling crude oil prices.

Addressing Parliament in Accra Tuesday 2 February, 2016, Matteo Renzi said "We know this is a moment very difficult for oil prices, but I’m here and I host in the delegation, the CEO of ENI… to give a message of continuation and presence of Italian investors in this country."

 

“Let me be very clear, ENI has a historical connection to Ghana, but this project, a new project will be a game-changer for power generation in the country, bring benefits from here to 2086," he added.

Fall in global oil prices as a result of supply glut is prompting the cancellation of a string of major investment projects.

Matteo Renzi also told parliament his country is passionate about investing in "open democracies" in Africa including Ghana.

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He also urged other Europen countries to invest in Africa to send the right signals to future generations.

 

“Europe must invest in Africa in order to send the right message to future generations,” he said

The OCTP Integrated Oil and Gas Project includes the combined development of the Sankofa Main, Sankofa East, Gye Nyame, Sankofa East Cenomanian and Sankofa East Campanian fields.

The former three are non-associated gas fields while the latter two are oil fields. The development of the fields started in January 2015.

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