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Ghana national oil firm seeks $1 billion

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Ghana National Petroleum Corporation- Seeking $1 billion fund, its plan is to become an independent operator in seven years and will also seek to build an oil trading desk with its partner Unipec is a wholly-owned subsidiary of China’s Sinopec.

Alex Mould, GNPC chief executive said: ‘we think $1 billion is a good start and I think we’ll get there. This $1billion is going to be used for many things. We’re looking for opportunities and the best is to go into exploration and do more appraisal work’’

Production from Ghana’s main Jubilee field, operated by Tullow, is expected to hit 110,000 barrels per in 2014.

Source: Business Day

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