Ghana's first major natural gas project is expected to help with substantial economic development in the West African country, energy companies said Tuesday.

Representatives from Italian energy company Eni and Dutch energy trading company Vitol joined Ghanaian Energy Minister Kofi Buah in marking the development plan for the country's Sankofa and Gye Nyame natural gas fields.

"This is a transformational project for Ghana and we are proud to be a part of such an important venture," Vitol President and Chief Executive Officer Ian Taylor said in a statement.

Described by the World Bank as a national priority, the combined development plan aims to tap into reserves with as much as 1.5 trillion cubic feet of natural gas.

Ghana hosts two of the region's more prosperous oil fields. The Tweneboa-Enyenra-Ntomme field should deliver its first oil by 2016. At its peak, it is expected to produce about 80,000 barrels per day. The Jubilee field off the Ghanaian coast could eventually produce more than 125,000 bpd, operator Tullow Oil says.

Gas field development in Ghana is expected to help transform the nation's economy. The fields hold enough natural gas to feed the country's power sector for the next 20 years.

"We are harnessing Ghana's natural resources to power Ghana's future," President John Mahama said.