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":[],"categories":[32,171,170],"tags":[2002],"yoast_head":"\n