Gulf Oil and Gas accountACCOUNT

GNPC Seeks $1 Billion to Become Independent Operator

Source: Reuters 4/11/2014, Location: Africa

Ghana National Petroleum Corporation (GNPC) is seeking $1 billion to fund its plan to become an independent operator in seven years and will also seek to build an oil trading desk with its partner Unipec, chief executive Alex Mould said.

"We think $1 billion is a good start and I think we'll get there. This $1 billion is going to be used for many things. We're looking for opportunities and the best is to go into exploration, do more appraisal work," Mould told Reuters. GNPC is working with the government on funding and looking for "efficient capitalization", Mould said, but he gave no further details as to how the money would be raised.

Production from Ghana's main field Jubilee, operated by Tullow, is expected to hit 110,000 barrels per day in 2014.

Unipec, which already markets some of Ghana's oil, is a wholly-owned subsidiary of China's Sinopec.

"We have an accelerated growth strategy to become an independent operator in seven years and a world class operator in 15 years," Mould said. "GNPC's goal is that if we develop our capability we must as well start using our own resources in looking elsewhere outside Ghana for potential hydrocarbon resources that we can explore together with the countries involved," he said.

Few African oil producers market and trade their own crude because it involves significant technical challenges. The ones that do are well-established producers, said oil expert Valerie Marcel of the Chatham House think tank.

Ghana discovered oil offshore in 2007 and began producing in December 2010. Mould said that Ghana, which also exports cocoa and gold, would have a sustained total crude output of above 200,000 barrels per day by late 2016 after the full development of Jubilee and the coming on stream of adjoining fields currently under exploration.

Financials and Investment News in Ghana >>

Uganda >>  2/26/2021 - Tullow Oil plc is pleased to provide an update on the redetermination of its Reserves Based Lending facility ("RBL").

Over the past few we...

United Kingdom >>  2/25/2021 - Subsea 7 S.A. announced that, on 24 February 2021, the Group entered into a $500 million five-year amortizing loan facility backed by a $400 million g...

United States >>  2/25/2021 - Cheniere Energy Partners, L.P. intends to offer, subject to market and other conditions, $1.0 billion principal amount of Senior Notes due 2031 (the "...
United States >>  2/25/2021 - Green Plains Inc. announced the pricing of its underwritten public offerings of $175.0 million of common stock at a price to the public of $23.00 per ...

United States >>  2/25/2021 - Kosmos Energy Ltd. announced the pricing of $450 million aggregate principal amount of its 7.500% senior notes due 2028. The offering was upsized by $...
Brazil >>  2/24/2021 - Petrobras, informs that its Board of Directors, at a meeting held, approved dividends to shareholders based on the 2020 annual results in the amount o...

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 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.