Saturday , November 18 2017 10:16 am
Home / Business / Ghana to rake in $2.3bn annually from Sankofa gas project

Ghana to rake in $2.3bn annually from Sankofa gas project

New figures released by the International Finance Corporation (IFC) has projected that the Sankofa Gye Nyame Oil and Gas field will generate about $2.3 billion in revenues for the government of Ghana annually .

The field which will provide reliable gas supply for thermal plants is also estimated to help produce about 1000 megawatts of power.

The IFC anticipates that the project will provide a stable and long-term source of domestic gas that will solve country’s chronic gas supply constraints.

Already, the World Bank Group has provided a total of $1.217 billion in debt and guarantees to support the project which is estimated to cost a total $7.7 billion.

The project which will be completed in 2018 is being developed by Italian Firm ENI SpA and upstream trader Vitol Ghana.

Per the agreement, ENI holds a 44.4 percent stake, Vitol holds 35.6 percent while the Ghana National Petroleum Corporation holds a combined carried and participating interest of 20 percent.



Check Also

2018 Budget: Seth Terkper mocks government for borrowing

Former Finance minister Seth Terkper is mocking the Akufo-Addo government for still borrowing despite assurances, …

Government to promote economic opportunities for women

Mr Ken Ofori-Atta, the Minister of Finance, has stated that in order to promote economic …

This is how your taxes will be spent in 2018

The Nana Akufo-Addo-led government has presented its second budget to the House of Parliament Wednesday. …

Leave Your Comment

%d bloggers like this: