The Ghana National Petroleum Corporation (GNPC) is in the process of finalising a joint venture pact with the investor community and the World Bank to finance phase one of its onshore gas project estimated at a cost US$1 billion.
The equity debt ratio of 40:60 makes the project attractive to financing, as such the corporation would finance 50 per cent of the equity portion at a cost of US$200million.
The Senior Geologist of GNPC, Mr Michael Aryeetey in his presentation at a stakeholders meeting on oil and gas in Takoradi, said the corporation was concluding discussions with the World Bank to finance the project.
“The corporation is also finalising joint venture agreement with a strategic partner to pipe the gas to the shore”.
He said, “the corporation is working steadily to ensure that the initial project objective of first gas at first oil is pursued aggressively”.
Mr Aryeetey said the initial plan was to pipe the conditioned gas on the Floating Production Storage and Offloading (FPSO) vessel to Bonyere in the Jomoro District of the Western Region.
He said plans were advanced for the installation of 14-kilometers of 12-inch deepwater pipeline by Technip, the company currently working on the subsea structures for the jubilee partners.
Mr Aryeetey said discussions were also ongoing for the manufacture of the rest of the pipeline required for the project.
He said the contract for the supply of the 14km, 12-inch pipeline had been awarded to V&M and the manufacturing of the pipelines had commenced.
In order to build a stronger team, he said two engineers from GNPC left last month to Rhenania, Netherlands to participate in the pipeline coating preproduction meeting.
: Daily Graphic