Wednesday, December 9, 2009
The China Development Bank has agreed to lend Ghana’s national oil firm, GNPC, funds to pay for infrastructure projects in the Jubilee field according to a Reuter’s article. GNPC is looking to pick up Kosmos Energy’s share in the Jubilee field, which is said to be worth around $4 billion.
The framework agreement covered financing for potential projects for the development of oil and gas resources by GNPC, Ghana's Deputy Finance Minister Fiifi Kwetey said at a signing ceremony. "It includes gas processing, transportation and the petrochemical industry (and) the development of critical oil industry facilities such as production and storage facilities, supply facilities, and security and monitoring systems," Kwetey said.
No details were given on the amount the bank might lend, however the loan could effectively leave ExxonMobil, who reportedly entered into a deal with Kosmos for the stake, out of luck in Ghana.
The Jubilee field is estimated to hold as much as 1.8 billion barrels of oil. First production from the field is scheduled for the end of 2010 and output could ramp up to 150,000 bpd within months of that.
Source: http://www.petroleumafrica.com/read_article.php?NID=8775&PHPSESSID=824fbbdc088b8919c96514a99c432afd
Comments
Post a Comment