IOCs plan $20bn splash on Ghana oil sector

Ghana Oil26 January 2014, Accra – Ghana is expecting investment of some $20 billion over the next five years in its oil and gas sector.

The investment will come mainly from international companies and 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.

The Sankofa-Gye Nyame project is also set for a cash injection, Alex Mould, chief executive officer of state player Ghana National Petroleum Corporation, GNPC, was quoted as saying in Accra.

He revealed that apart from project development, exploration and appraisal wells would be spudded off Ghana.

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 GNPC (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.

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