World Bank Approves $700mn Loan for Ghana Gas Project

World Bank has approved a $700 million loan for exploration of oil and gas offshore Cape Three Points in the Western Region of Ghana. 

In January, Eni, Vitol and Ghana National Petroleum Corporation (GNPC) signed with government of Ghana an agreement to proceed with the Offshore Cape Three Points (OCTP) integrated oil and gas project.

The partners are expected to utilise the amount for drilling and other works, Ghana’s Daily Graphic newspaper reported Tuesday.

Development of Sankofa fields and Gye Nyame field via OCTP Integrated Project will provide enough gas to power Ghana’s thermal power operations for more than 15 years, Vitol said in January.

The OCTP development comprises five fields, Sankofa East Cenomanian Oil, Sankofa East, Campanian Oil, Sankofa Main Gas, Sankofa East Gas, Gye Nyame Gas, and will access approximately 1.5 trillion cubic feet (tcf) of gas-in-place and around 500 million barrels of oil-in-place.

Eni, through its own subsidiary Eni Ghana, is block OCTP’s operator with a 47.22 percent stake. Vitol has a 37.77 percent stake and GNPC owns 15 percent interest.