10 July 2014, Accra – Accra — THE World Bank Board of Executive Directors has approved additional financing of more than US$19,8 million to support the development of Ghana’s rich oil and gas reserves.
This brings the total support to more than $57, 8 million.
The objectives of the project are to help improve public management and regulatory capacity and enhance sector transparency by strengthening the institutions managing and monitoring the sector as well as support the development of indigenous technical and professional skills needed by the petroleum sector through some educational institutions.
The discovery of deep oil and gas reserves has resulted in a rapid expansion of the oil and gas industry in Ghana, which has the potential to bring ignificant economic development opportunities to the country, World Bank Country Director for Ghana, Yusupha Crookes said.
The approved additional financing will ensure the completion of key project activities whilst extending the project s closing date by 24 months to June 30, 2017 to allow for completion of activities.
The funds will help to establish a national data center within the Petroleum Commission of Ghana (PCG), an independent regulator for the oil and gas sector and also help procure laboratory equipment for Ghana’s Environmental Protection Agency (EPA) to strengthen them to monitor and analyze the impacts of oil and gas operations on marine and shoreline ecosystems.
Furthermore, the Oil and Gas Capacity Building Project targets human capital development by providing support to selected tertiary institutions including the Kwame Nkrumah University of Science & Technology (KNUST) to improve teaching and research in the field of petroleum engineering and petrochemical engineering. Overall, the additional financing will help train more than 800 students at the tertiary level to enhance the human resource needs of the oil and gas industry.
This Project s focus on building strong regulatory institutions will indirectly benefit all Ghanaians by increasing the Government s capacity to manage the resources effectively and transparently, World Bank Task Team Leader for this Project, David John Santle added.