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We learned from Jubilee, TEN oil fields challenges – ENI Group CEO

  • SOURCE: JOYONLINE | Editor
  • The Group Chief Executive of Italian Oil giant, ENI Claudio Descalzi says they have learned from the Jubilee and TEN oil fields challenges to ensure such experiences does not get repeated in the future.

    The two major fields since it started production has experienced serious challenges resulting in the shutdown of the Jubilee FPSO on several occasions.

    Tullow recently announced TEN would also go down for 10 days for some corrective measures.

    There are fears that the Sankofa oil and gas field could encounter such problems especially when they started production three months ahead of schedule.

    Speaking to JOYBUSINESS during his visit to Ghana for commissioning of the John Agyekum Kufuor FPSO, Mr Descalzi said the Sankofa project would not encounter such problems.

    He says looking at their experience in the oil and gas industry they have the capacity to deal and absorb such shocks.

    Declining Oil prices and the Sankofa project

    The oil exploration giant says it does not expect decking price of crude to have any negative impact on its operations in Ghana.

    ENI in April started crude production three clear months ahead of scheduled date. However, there are fears that current development on the world market, with respects to crude prices could affect efforts secure fresh funds for the project, thereby affecting development on the $7 billion investment.

    But Mr Descalzi tells JOYBUSINESS current economic stability in Ghana would make up for any challenges with price of crude.

    He cites the political stability in the country as one of the reason why he does not think their investments would suffer despite problems with crude prices on the international market.

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