The Ghana National Petroleum Corporation (GNPC) has guaranteed that it will work with the Public Utilities Regulatory Commission (PURC) to secure refinancing of the loans used by government in the Gye Nyame Sankofa field project, reported All Africa.
The overall project investment requirements are $7.9b, according to Citi FM Online, and first oil is expected to come on-stream in the third quarter of 2017, while first gas will follow in the second quarter of 2018.
The Sankofa field is estimated to hold 204m barrels of oil and 1.1tcf of natural gas.
The work on the project has been completed by 54% and GNPC’s CEO, Alex Mould, said that the company will work with Eni and Vitol, as well as other state agencies, to avoid any disruption to the project schedule. He pointed out that the nation has an obligation to meet the set of milestones that requires government to put in place infrastructural foundation to meet the first gas on time. Mould added that GNPC’s main obligation is to pay for the gas supplied.