Oando Plc, Nigeria’s biggest independent energy company, Saipem SpA and Modec-Itochu of Japan will develop gas facilities in Ghana in a project estimated at $1 billion.
Oando is the lead developer in the group of companies, which are in a joint venture with Ghana National Petroleum Corporation (GNPC), the state-owned oil company. Read the rest of this entry »
International Finance Corporation (IFC), the World Bank Group’s private-sector lending arm, plans to increase spending on sub-Saharan Africa’s oil and gas industry and sees “significant” opportunities in Ghana, Uganda, and Tanzania.
“Africa is a focus region for us,” Kamal Dorabawila, the IFC Head of Oil and Gas in Africa, said from Cape Town today.
The IFC has invested $400 million in Africa, about 19% of its global oil and gas total, Kamal Dorabawila said.
Ghana expects to pump 500,000 barrels of oil a day by 2014 as it seeks to boost supplies to the domestic market and become Africa’s newest crude exporter. Chairman King recently reported that Ghana will become one of the world’s top 50 oil producers.
Tullow Oil Plc. has drilled 25 wells in the Lake Albert Rift Basin in Uganda since January 2006, of which 24 found oil and gas.
IFC, Standard Chartered Bank Plc, BNP Paribas SA, Societe Generale SA, Absa Group Ltd. and Calyon are among financial institutions that helped Kosmos Energy LLC get a $750 million loan to fund Ghana’s Jubilee Field phase one development. Jubilee “is a world class oil discovery” and Ghana’s offshore is a highly prospective area, Dorabawila said.
Ghana is seeking private investors to build three or four refineries, with at least one being located in the country’s Western region, the site of the Jubilee offshore oil field. Read the rest of this entry »
Tullow Oil Plc said Ghana will become one of the world’s top 50 oil producers, after the government approved a plan to pump crude from the Jubilee field in the second half of 2010. The deposit, to be developed with a floating production, storage and offloading vessel (FPSO) will reach a plateau rate of 120,000 barrels of oil a day, London-based Tullow Oil said today in a statement. Ghana also approved an agreement between the project partners to rearrange their holdings.
Ghana expects to pump 500,000 barrels of oil a day by 2014 as it seeks to boost supplies to the domestic market and become Africa’s newest crude exporter. The partners developing Jubilee, where work on the FPSO started last July, have agreed to donate some of the field’s natural gas to the nation to fund pipeline development and boost the local economy.
“Ghana will move pretty quickly into the top 50 producers in the world,” Aidan Heavey, Tullow Oil’s Chief Executive Officer, said today. “All the negotiations were both about the actual development and the gas development plan. The key part of that document is utilization of the gas.” The partners, which include Kosmos Energy LLC and Anadarko Petroleum Corporation, plan to invest about $3.1 billion in the Jubilee project. Kosmos said yesterday it secured $750 million in loans to develop the field. The Ghanaian authorities said in June that they were waiting for the venture to complete funding agreements before approving the Phase 1 development plan. “Ghana has a huge gas demand itself,” Aidan Heavey said. “They will use all the gas we can deliver from Phase 1 for power generation and local use in the country.” Read the rest of this entry »
Kosmos Energy, LLC, a closely held U.S. explorer in West Africa, raised $750 million in loans to fund a project in Ghana. The financing will fully fund Kosmos’s share of Ghana’s Jubilee field phase-one development, Chief Financial Officer Greg Dunlevy said today in a statement. Kosmos Energy, a Dallas-based company, used oil-field assets as collateral to secure the loans, $550 million of which mature in December 2015, Kosmos said. Read the rest of this entry »
