Wednesday, 09 December 2009
China Development Bank has agreed to lend money to Ghana's national oil company to pay for infrastructure projects in the Jubilee field, off the West African country, the bank and Ghana said on Tuesday.
Ghana National Petroleum Corporation (GNPC) wants to buy a stake in Jubilee from current owners Kosmos Energy, a bid which could scupper Exxon Mobil's reported deal to purchase it for $4 billion, a Ghanaian source said last week.
Tuesday's framework agreement covered financing for potential projects for the development of oil and gas resources by GNPC, Ghana's Deputy Finance Minister Fiifi Kwetey said at a signing ceremony.
"It includes gas processing, transportation and the petrochemical industry (and) the development of critical oil industry facilities such as production and storage facilities, supply facilities, and security and monitoring systems," Kwetey said.
No details were given of the amount the bank might lend, which would be negotiated between the bank, GNPC and Ghana's finance ministry, he said.
"Signing the agreement offers us the opportunity to mobilise the necessary finances to be able to implement our oil and gas infrastructure without any difficulty," said Nana Asafu-Adjaye, GNPC's managing director.
The Jubilee field is estimated to hold as much as 1.8 billion barrels of oil. First production from the field is scheduled for the end of 2010 and output could ramp up to 150,000 barrels per day within months of that.
Reuters
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