Gulf Oil and Gas accountACCOUNT

Lonrho Plans a Billion Investment in Ghana

Source: Bloomberg 2/8/2012, Location: Africa

Lonrho Plc (LAF) will invest $1 billion to build ports that will service oil rigs in Ghana’s Western Region, a company official said. “We anticipate spending $10 million for feasibility studies for the deep water oil services ports,” Steven Gray, the company’s development director, said in an interview in the capital, Accra. “The studies will end in August and if that demonstrates viability and sustainability then construction will start by the last quarter of this year.”

Ghana, which began exporting oil in 2010, plans to boost output fivefold in the next five years as new wells come on stream, Deputy Minister of Finance and Economic Planning Fifi Kwetey said. The country’s main Jubilee field pumped about 85,000 barrels a day at the end of last year and Tullow Oil Plc, which operates the field, plans to increase production to 120,000 barrels per day by 2013.

Preliminary studies show that there is need for dedicated ports for the oil and gas industry with a “number of potential tenants and users” showing interest in “Ghana as a regional hub for their oil and gas operations,” Gray said. Lonrho plans to invest “$400 million in the first phase,” increasing it to $1 billion if demand warrants it.

The project is based on a 50-year concession split in two periods of 25 years each, he said. The company signed a memorandum of understanding with the government in August last year to execute the project.

Investment News in Ghana >>

Nigeria >>  2/26/2021 - Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat's policy not to comment on press articles, on this occa...
United Kingdom >>  2/24/2021 - Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the announcement on 22 February 2021 , the Company has...

Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...
United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...

United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested £1million to develop a new R&D and engineering facility in Aberdeen...
Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Ghana Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Ghana >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.