The Sankofa field is an integrated offshore oil and natural gas project which is expected to provide a source of reliable, affordable energy in the African country.
Scheduled to commence production in 2018, the project is being developed by consortium of Eni Ghana with 44.44% stake, Vitol Ghana 35.56% and Ghana National Petroleum Corporation 20%.
The Vitol Ghana-operated gas project involves development of the Sankofa and Gye Nyame gas fields located 60km offshore of Western Ghana.
Gas produced from the project will be used to fuel up to 1,000MW of power generation to help Ghana meet its growing energy needs.
IFC executive vice-president and CEO Phlippe Le Houérou said: “This project demonstrates that private capital can be mobilized on a large scale to contribute to the country’s energy security.
“Developing Ghana’s domestic natural gas resources will help the country reduce carbon emissions and provide a clean source of power for generations.”
According to estimates, the fields hold 1.45 trillion cubic feet (Tcf) of non-associated gas.
The Sankofa project is expected to help Ghana reduce its oil imports by up to 12 million barrels a year.
Vitol Group CEO Ian Taylor said: “This is a transformational project for Ghana at an important time.
“The World Bank Group’s involvement, including financing from IFC and MIGA, is enabling Ghanaian gas to be used for the benefit of Ghana’s economic development.”
The IFC said that it has committed $235m loan to Vitol Ghana and is arranging additional $65m in debt.
Image: Ghana intends to reduce its oil imports. Photo: courtesy of num_skyman/FreeDigitalPhotos.net.
