FPSO To Transform Economy- Former President Kufuor

| Updated Mar 30, 2017 at 0:00am


FPSO Ship named after former president J.A Kufuor in Singapore.


Former President John Agyekum Kufuor has indicated that the development of the Floating, Production, Storage, vessel,(FPSO), which will operate in the Offshore Cape Three Points (OCTP) oilfield, would bring transformation to the economy of Ghana.

Speaking in Singapore to launch the oil exploration equipment named after him, the former president lauded the initiative he took whilst in power, noting that it would increase oil generation in the country and create jobs.

"Their development of OCTP fields is the first major development of Gas in Ghana and has huge benefits for transformation of the economy," he said.

"I see this project, together with the others in the energy sector, turning Ghana into an industrial hub in West Africa" he observed.

Ghana’s third Floating Production and Storage Vessel (FPSO) which is expected to set sail into Ghanaian waters by April 2017, will increase its daily production of oil to more than 200,000 barrels per day and also push the country towards improved energy supply as gas from associated and natural gas own-fields such as the OCTP will add 180 million standard cubic feet of gas per day (mscf/d).

Below Is The Statement Delivered By Former President J.A Kufuor At The Ceremony:

Remarks by HE John Agyekum Kufuor, Former President, Republic of Ghana, at the naming ceremony of the OCTP FPSO Keppel Shipyard, Singapore.

Date: 3rd February 2013

1. Your Excellency Mrs. Rebecca Akufo-Addo, First Lady of the Republic of Ghana and the Distinguished Lady Sponsor and Guest of Honour of this momentous occasion;

2. Mr. John Peter Amewu, Minister Designate for Mines, Forestry and Natural Resources, Representing the Minister of Petroleum;

3. Chief Executive Officer of Keppel Offshore and Marine Shipyard, Mr. Chow Yew Yeun;

4. Chief Executive Officer of Yinson Offshore Production, Mr. Erik Barclay;

5. The Executive Vice-President, Sub-Saharan Africa, ENI Petroleum, Mr. Umberto Carrara;

6. The Chief Executive Officer of Vitol Upstream, Ghana Limited, Mr. Ian Taylor;

7. The Chief Executive Officer of the Ghana National Petroleum Corporation, Dr. KK Sarpong; Distinguished Guests, Ladies and Gentlemen:

8. I find it gratifying indeed that my first official assignment outside Ghana, this New Year, 2017, is the naming, of this Floating, Production, Storage and Offloading (FPSO) vessel, which will operate in the Offshore Cape Three Points (OCTP) oilfield.

9. It is even more satisfying to perform this task, because this huge vessel is to being named after my humble self.

10. Today’s ceremony is also significant because, l do note, that it is the first official international assignment of the First Lady of our land, Mrs. Akufo-Addo, since the historic and resounding victory of her husband, President Akufo-Addo, at the polls last year.

11. I am indeed honoured that she graciously accepted to be the Lady Sponsor as well as Special Guest of Honour for the naming and launching of FPSO John Agyekum Kufuor here in historic Singapore.

12. The history of oil exploration in Ghana goes back a long way. According to the “Ghana Geological Survey Bulletin No. 40: “exploration for oil and gas in Ghana started in 1896 in onshore Tano basin (Western Region). This was due to the presence of onshore oil and gas seepages found by early explorers in that area.

13. “During that period early wells were drilled without much geological understanding and the benefit of seismic data,” and so not surprisingly, not much was achieved.

14. Over the years, attempts were made by various governments at oil exploration was without success.

15. A seeming breakthrough in 1970, when Agri-Petco Company of the US struck oil, offshore the Saltpond field in the Central Region.

16. I was part of the then government of the Progress Party, predecessor party of the New Patriotic Party (NPP), which is now in power.

17. Luck kept eluding Ghana, as far as oil find was concerned, until 2007, the year of the Golden Jubilee of our nation’s independence.

18. Our efforts then were rewarded with a significant find of oil in commercial quantities in the West Cape Three Points area, in the Western Region.

19. This was through the collaboration of four companies: Cosmos Energy, Anadarko, Tullow and the EO Group, put together by the NPP government under my leadership.

20. Ghana has since not looked back as many more fields have been found with

some being developed successfully and others not so successful.

21. Although Ghana is now counted among the ‘oil-producing countries’ in the world, our country is yet to become the ‘land of milk and honey’ that many pray for.

22. We still grapple with a lot of economic and social difficulties in our bid to make our oil find a ‘blessing and not a curse.’

23. It is in this light that l find naming of this FPSO, the largest and first vessel in Ghana to convert crude oil and gas into finished products on the same platform, really welcome.

24. As l understand it, the vessel can process 58,000 barrels of oil and 98 million standard cubic feet of gas a day from the OCTP fields comprising Sankofa East - Cenomanian Oil, Sankofa East - Campanian Oil, Sankofa Main Gas, Sankofa East Gas, Gye Nyame Gas.

25. The development of the OCTP fields is the first major development of gas in Ghana and has huge benefits for the transformation of the economy.

26. As industry watchers tell us, the fields contain enough gas to continuously supply Ghana’s thermal power sector well into, and hopefully, beyond the 2030s.

27. First oil and gas production is to be phased through this year and early next year with oil production expected to reach around 80,000 barrels a day in 2019, l am told.

28. Distinguished Guests, Ladies and Gentlemen; l see this project, together with the others in the energy sector, turning Ghana into an industrial hub in West Africa.

29. The cheaper energy cost backed by a disciplined workforce, which is the hallmark of Ghanaians internationally, will serve to attract

big international industry players to invest in our economy.

30. It is my prayer and belief that President Akufo-Addo’s government will expand the enabling atmosphere with best practices and policies for the concept of Public-Private-Partnership to be realized to achieve the social and economic transformation for all citizens in the shortest possible time.

31. Indeed, bright days are coming into view for Ghana.

32. Finally, Mr. Chairman, First Lady, Distinguished Guests, l must thank the previous NDC government led by Former President John Mahama, for proposing to name the largest FPSO, so far in Ghana, after me.

33. I also thank the new government, led by President Akufo-Addo, for confirming the offer and carrying through with its implementation which has brought all of us here today to this

beautiful ceremony in this amazing country, Singapore.

34. I am encouraged by the partnership of ENI, Vitol and GNPC which has resulted in this landmark event we are witnessing today.

35. I also congratulate Vitol and Yinson companies for their collaborative effort in putting the vessel together.

36. I thank my fellow Ghanaians for the honour they gave me to serve them as their president under whose watch oil was found in commercial quantities.

37. This ceremony makes all the efforts over the years worthwhile.

38. I am deeply appreciative and wish the best for our nation, Ghana.

39. God Bless our Homeland Ghana; and make our Nation Great and Strong.

40. Thank you.