Five hundred billion barrels of offshore oil and 1.5 trillion cubic ft of gas to be explored is one of the largest projects Ghana has taken on in over 50 years, a CCTV Africa report said. In 2017, the country will begin producing oil and in 2018 gas will flow, the report noted. The project will be facilitated through a partnership with the Ghana National Petroleum Corporation, Italy’s Eni energy company and Swiss energy and commodities firm Vitol.

“Last year it was anticipated that foreign direct investments into Africa amounted to some $53.3 billion. This current agreement that has been signed for the investment in offshore Cape Three Points is to the tune of $7 billion,”Ghana president John Mahama said. “That’s about 12 percent of the total $53.3 billion.”