Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Ghana TEN Oil Fields 57% complete – Terkper

Seth Terkper55

The Minister of Finance, Mr. Seth Terkper says the Tweneboa-Enyenra Ntomme (TEN) Fields Development is 57 per cent complete.

Making a supplementary budget request in Parliament today July 21, 2015, he said, “I am pleased to inform you that the Tweneboa-Enyenra Ntomme Fields Development is 57 per cent complete. The project is on course to meet the deadline in gas supply and is expected to bring on stream additional gas and crude oil supplies in the second half of 2016.”

He also noted that work on the Western Corridor Gas Infrastructure project has been completed.

“However, some ancillary works are still ongoing. This will improve power output and the prospect for power exports,” he added.

Terkper stated that currently, the Atuabo Gas Processing plant is delivering 80mmscf of gas/day for Thermal plants at Aboadze as well as 400 metric tons of LPG a day to the domestic market.

“Mr. Speaker, Ghana took another major step towards the attainment of energy and power security with the signing of an agreement for the development of the natural gas reserves of the Offshore Cape Three Points (OCTP). The Sankofa Gas Field project will provide 170 million cubic feet of gas per day for nearly 15 years, and will be sufficient to supply close to an additional 1,000MW of power generation. The Sankofa Gas field will come on line in 2018, when gas from other fields are expected to decline.

In this regard, the World Bank is expected to provide a $700 million Partial Risk Guarantee support to leverage the substantially larger gas payment flows and facilitate an investment of up to $7.9 billion by the private sector. A World Bank Board approval is expected in the coming weeks for this major breakthrough in investment management in sub-Saharan Africa,” he said.

He reminded Parliament that the House amended the Petroleum Revenue Management Law, to, among others, modify the benchmark revenue rules and ensure judicious implementation of the Law to meet our investment, debt management, savings and budget support initiatives.

“Among the benefits is more regular flows into the Petroleum Funds that will enhance the operation of the Contingency and Sinking Funds,” he said.

Source : https://www.ghanabusinessnews.com/2015/07/21/ghana-ten-oil-fields-57-complete-terkper/

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar