Ghana National Petroleum Corporation (GNPC) has announced plans by the World Bank to provide about $500 million to Ghana in the form of a partial risk guarantee for use, if the country fails to perform its obligations on payments for gas from the Sankofa field.

The guarantee offers security to Ghana regarding the gas expected from the $7.9 billion offshore oil and gas field being developed by Eni, in 2018.

According to the Chief Executive of GNPC, Alex Mould (photo), the country is expected to take 180 million standard cubic feet of gas from the field per day.

“This guarantee will also give investors the confidence that GNPC will have the wherewithal to deliver on the purchases from its partners,” Mould told Reuters.

Eni has a 44.4% interest in the field, alongside Vitol which holds 35.6 % while GNPC holds a joint carried and participating interest of 20%. The World Bank also plans to lend $200 million to the Sankofa partners.

Ghana is yet to fully recuperate from a long energy shortfall that affected the industry. The Sankofa gas project is expected to generate about 1,000 megawatts of power to Ghana, the Chief Executive said.

Anita Fatunji