New figures released by the International Finance Corporation (IFC)\u00a0\u00a0 has projected that the Sankofa Gye Name Oil\u00a0 and Gas\u00a0 field will generate about $2.3 billion in revenues for the government of Ghana annually .<\/p>\n
The field which will provide reliable gas supply for thermal plants is also estimated to help produce about 1000 megawatts of power.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The project which will be completed in 2018 is being developed by Italian Firm ENI SpA and upstream trader Vitol Ghana.<\/p>\n
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.<\/p>\n
–<\/p>\n
By: Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
New figures released by the International Finance Corporation (IFC)\u00a0\u00a0 has projected that the Sankofa Gye Name Oil\u00a0 and Gas\u00a0 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 […]<\/p>\n","protected":false},"author":14,"featured_media":277878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[32,171,170],"tags":[2002],"class_list":["post-277876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-local-economy","category-oil-and-gas","tag-ghana-business-news"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/277876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=277876"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/277876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=277876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=277876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=277876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}