Sonkofa oil project will result in massive reduction of electricity tariffs - Nana Addo

Sonkofa oil project will result in massive reduction of electricity tariffs - Nana Addo

- Nana Addo is confident that the John Kuffuor FPSO will result in the decrease of tarrifs

- Ghana has opened the valve of yet another FPSO at the Offshore Cape Three Points (OCTP)

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President of the republic, Nana Addo Danquah Akufo-Addo has revealed that the opening of the tub of the Offshore Cape Three Point (OCTP) will culminate in lower prices for gas and subsequently electricity tariffs.

Sonkofa oil project will result in massive reduction of electricity tariffs - Nana Addo

Sonkofa oil project will result in massive reduction of electricity tariffs - Nana Addo (Photo: presidency.gov.gh)

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Speaking at an event which saw the president turn on the valves on the FPSO John Agyekum Kufuor which signals the beginning of production of oil in commercial quantities from the Sankofa oil fields, the president revealed that government will be partnering closely with the private sector to find out best practical ways of efficiently managing the oil sector.

“With the addition of the production from the OCTP to those of the T.E.N and Jubilee fields, we are optimistic that our beloved nation will enhance significantly its gas supply for our domestic power generation,” Nana Addo revealed.

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Offshore oil exploration in Ghana has remained one of the best ways by which government of Ghana has been able of neutralize the burden of the economy with oil returns in terms of capital and royalties hitting one third of the nation’s Gross Domestic Product (GDP).

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Source: Yen.com.gh

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