FPSO vessel integral to Vitol, Eni and GNPC development of Sankofa Gye Nyame fields in Ghana named today.
The Floating Production, Storage and Offloading (FPSO) vessel “John Agyekum Kufuor”, was named today, Friday, 3rd February, 2017 by Ghana’s First Lady, H.E. Rebecca Akufo-Addo, after Ghana’s President Emeritus, H.E. John Agyekum Kufuor. The FPSO, specifically commissioned by Eni, Vitol and Ghana National Petroleum Corporation for their development of Ghana’s Sankofa and Gye Nyame fields was built in the Keppel shipyard, Singapore.
The FPSO, which will shortly set sail from Singapore for Ghana, is 333 meters in length and 60 meters wide, with a maximum capacity of 1.7 million barrels. At the peak, circa 3,000 people were involved in its manufacture. The vessel will handle the production of the Sankofa and Gye Nyame fields 60 km off the coast of Ghana.
This transformational project, which will produce enough gas to supply Ghana’s thermal power sector to 2036 and beyond, is the first to primarily harness an African country’s natural resources for its own development. It represents the largest Foreign Direct Investment, of circa US$ 8 billion, in Ghana since independence and will facilitate the economic development of the economy by providing a reliable source of environmentally cleaner and more efficient fuel for the country.
The project furthermore benefits from the support of the IFC and the World Bank, which described it as a ‘top priority’ for Ghana and has provided the largest guarantees in its history to the development.
Dato’ Kho Hui Meng, President and CEO of Vitol Asia Pte. Ltd. Said: “Vitol is one of the largest energy companies in Singapore. We are delighted that Singaporean industry is an integral part of a project which will secure Ghana’s energy future. Singapore is a global leader in ship-building and skill and professionalism have been evident throughout the construction and commissioning of this world-class vessel.”
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over six million barrels per day of crude oil and products and, at any time, has 200 ships transporting its cargoes.
Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including; circa 15.5mm3 of storage across six continents, 390kbpd of refining capacity and Shell-branded downstream businesses in 16 African countries, as well as Australia. Revenues in 2015 were $168 billion.
In Asia, Vitol established one of its first offices in the region in Singapore in 1979. Since then, through Vitol Asia Pte. Ltd. which was established in 1990 under the Approved Oil Trader scheme (subsequently expanded into the Global Trader Program), Vitol has expanded its Asian operations progressively with more than 140 employees currently based at its Singapore regional headquarters.