Ghana ‘set for $20bn upstream cash boost’

Ghana drilling with flag22 January 2014, News Wires – Ghana is set for investment in its oil and gas industry of some $20 billion over the next five years with international companies leading the charge, according to a report.

The majority of the expected funds will be used in developing a number of offshore blocks, among them Tullow Oil’s ultra-deepwater Tweneboa-Enyera-Ntomme (TEN) project, Reuters reported.

The Sankofa-Gye Nyame project is also set for a cash injection, the news wire quoted Alex Mould, chief executive of state player Ghana National Petroleum Corporation as saying at an industry event in Accra.

Apart from project development, exploration and appraisal wells are set to be spudded off Ghana, Mould pointed out.

Late last year, a consortium of Technip and Subsea 7 secured contracts worth $1.23 billion from Anglo-Irish independent Tullow to provide subsea umbilical, flowline and riser systems for the TEN project. Technip’s share of the contract is $730 million, with Subsea 7’s share being $500 million.

Tullow operates the TEN project with a 47.175% interest, in partnership with Kosmos Energy (17%), Anadarko Petroleum (17&), Petro SA (3.825%) and the Ghana National Petroleum Corporation (15%).

Italy’s Eni is operator of the Sankofa-Gye Nyame gas and liquids deep-water development in the Offshore Cape Three Points licence. The company is set to receive offers this year for the supply of a floating production, storage and offloading unit for the project where first oil is set for mid-2016.

– Upstream

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