Ghana to rake in $2.3bn annually from Sankofa gas project - Ghana Business News. Mahama opens gold refinery in Ghana [Photos] Ghana Just Mortgaged Its Natgas Reserves To China. The current downturn in the global oil and gas sector is yielding some innovative approaches to project finance.
And one nation this week came up with an unprecedented strategy for moving its petroleum sector forward. Ghana That’s the west African country of Ghana. Where the government says it is close to a deal to “mortgage” its petroleum reserves to Chinese development banks — in exchange for massive loans needed to build production equipment. Ghana’s Minister of Finance, Seth Terkper, said in a radio interview late last week that his government has tabled an unusual proposal to China Development Bank (CDB).
Finance Minister Terkper said his government is asking CDB to kick in $1.5 billion needed to build Jubilee. That repayment would reportedly consist of natural gas liquids exports from the project — starting in 2018, and running for a period of 19 years. The strategy is an interesting one. Sub-Sharan Africa: Ghana to become 4th largest oil producer - Oil & Gas. In a report, the Pan African bank said with a potential oil output estimated at 240,000 bpd by 2019, the country could become the fourth largest producer of oil in Sub-Saharan Africa.
“Based on existing fields and field development plans Ghana crude oil output is estimated to be over 240,000 bpd by 2019. This could potentially make Ghana the fourth largest oil producer in Sub Saharan Africa by 2020,” the report said. Ghana's economy receives boost as first oil is pumped from new field. Houndé to deliver 190,000 ounces of gold per year. The Houndé Project is expected to deliver average production of 190,000 ounces per year over a 10-year mine life at an AISC of US$709/oz, based on current reserves, Endeavour said in a statement.
The project is an open pit mine with a 3.0Mtpa gravity circuit/ Carbon-In-Leach plant. The initial capital cost is estimated at $328 million, inclusive of $47 million for the owner-mining fleet. The Project is permitted to commence operations and early earthworks have begun. Neil Woodyer, CEO of Endeavour, said in a statement: “With the ramp-up of Karma soon underway, and our operations delivering a strong performance, we are now well positioned to build the Houndé project, which will further lift the overall quality of our portfolio. Once in production, it will become our flagship low-cost mine and will rank amongst West Africa’s top tier cash generating mines. Source: ClassFMonline.com. Ghana's Gold Diggers - Land and Rivers Laid to Waste. Large swathes of Ghana's gold belt have been laid to waste in the search for the precious metal by illegal small-scale miners.
Cocoa plantations have been cut down and rivers polluted with heavy metals, including mercury, used to extract gold. In this, the second of a four-part film series on illegal gold mining in Ghana, we investigate the impact of the galamseys - as these miners are known locally - on the environment. We meet a mining inspector, who explains how the activity is forbidden near water bodies, and why this is where a lot of illegal mining occurs.
We talk to an expert about the link between mercury contamination and the skin ulcers that often afflict the miners, and we meet a miner as he handles mercury with his bare hands to extract gold from a river bed. See video. Ghana to develop import substitution companies for mines. The Ghana Chamber of Mines, in collaboration with the Minerals Commission and other partners, are supporting Ghana-based industries for the production of some selected products for the mining industry.
This is to help the country to retain some of the large amount of money used by the mining companies to import some items which can be produced locally at competitive advantage. This was disclosed by Mr Ahmed D. Ghana: Ghana signs US$7bn agreement to develop gas project. Ghana to put West Africa on oil radar. Business News of Friday, 31 July 2015 Source: www.upi.com.
Ghana: Ghana signs US$7bn agreement to develop gas project. Ghana aims to be port of call for west Africa’s offshore oil industry. Business News of Sunday, 5 July 2015 Source: thenational.ae Ghana will break ground this year on Atuabo Free Port, a US$1 billion facility on its western coast.
The Atlantic waters off the west African coast teem with oil rigs and support vessels, most a very long way from home. Ghana, a new entrant to the energy game, wants to provide them with a closer port of call. Like many resource dependent countries, Ghana wants to grow its economy beyond raw material exports – and hopes a new port and rig repair depot will help it to do just that. This year groundbreaking begins on the Atuabo Free Port, a US$1 billion facility on the western side of Ghana’s coastline. The project is being driven by Lonrho, a UK-based corporation that has invested in African projects for more than a century. Dedicated free trade ports are something of a fashion among developing economies, which see them as a way to encourage investment. Ghana: Ghana signs US$7bn agreement to develop gas project.
Ghana earns over $4.5b from 2014 gold exports - Minister - Ghana Business News. Ghana earns more than $4.5 billion from gold exports in 2014, the Minister of Lands and Natural Resources says, according to a Ghana News Agency (GNA) report.
The GNA cites the Minister, Nii Osae Mills as saying in 2014, the mining sector contributed 16 per cent of government revenue and in terms of total merchandise exports; the sector contributed 35 per cent in 2014. Ghana loses $135 million annually due to small scale mining - By Francis Tandoh Ghana is said to be losing an amount of 500 million cedis or 135 million U.S. dollars annually through the non-registration of small scale and artisanal miners (SSAM).
Small-scale miners produce 1.4 million ounces of gold. Ghana’s gold production from artisanal and small-scale mining hit 1.4 million ounces, last year.
The figure represented 34 per cent of the country’s total gold production for the period. Nii Osah Mills, the Lands and Natural Resources Minister, however, said notwithstanding the significant contribution the sector was making to the economy, there was a downside. These include widespread environmental degradation- the destruction of the vegetation, farms and pollution of water bodies. , Consequently, Nii Osah Mills said their operations would be properly regulated to help maintain safety standards. Performance_of_the_Ghana_Mining_Industry_in_2012.pdf. Ghana to invest b in new oil fields. Ghana - Ghana National Petroleum Company.
Ghana oil output to more than double by 2021. Ghana Oil Output to More Than Double by 2021 With New Fields. Ghana, West Africa’s second-biggest economy, expects oil production to more than double to 250,000 barrels a day by 2021 as output rises at the Jubilee field and other sites start pumping. The country has new crude discoveries at different stages of appraisal and development, Nana Boakye Asafu-Adjaye, chief executive officer of the state-owned Ghana National Petroleum Corp. known as GNPC, said in an interview in the capital, Accra, yesterday. At the Tullow Oil Plc-operated Jubilee field, 60 kilometers (37 miles) off Ghana’s western coast, output has averaged 110,000 barrels a day over the last three months, he said. In the next “five to eight years we will be spending $20 billion” to develop Jubilee and other discoveries, Asafu-Adjaye said. Jubilee, which started output in December 2010, is Ghana’s lone crude-exporting oil field.
Nigeria, Africa’s biggest oil producer, pumped 1.8 million barrels a day in March. “First oil from TEN could be in late 2016,” Asafu-Adjaye said. Eni, Vitol discovers more Gas in Ghana. Two European companies have discovered 1.8 trillion cubic feet of gas in the Western Region. The new gas is expected to support the country’s thermal energy generation and feed the over one billion dollar fertiliser plant currently being built at Nyankrom in the Shama District of the Western Region. The companies, ENI of Italy and Vitol, a Dutch commodities trading company, have already signed a memorandum of understanding (MoU) with representatives of the government and the Ghana National Petroleum Corporation on the operation and management of the new gas field.
Under the MoU, ENI will serve as the operator in the development and commercialisation of natural gas reserves discovered offshore at Cape Three Points block. Since 2007 Ghana and its partners have made 23 discoveries in oil and gas. ACCRA, March 19 (Xinhua) — Ghana and its partners have made 23 discoveries of oil and gas resources since 2007, including the Jubilee discovery, Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC) Nana Boakye Asafu-Adjaye said on Tuesday.
In his message to the ongoing three-day Offshore West Africa Conference and Exhibition 2013, Asafu-Adjaye said GNPC expected commercial development and production from the Tweneboa, Enyenyra and Ntomme (TEN) Fields, Sankofa-Gye Nyame Fields, full field development of the Jubilee, North and South Tano and Teak-Akasa Fields over the next five years, subject to the approval of Plans of Development. While discussions over appraisal plan are ongoing for the seven discoveries by Hess Ghana Exploration Limited, appraisal and development of the TEN and Sankofa-GyeNyame fields are at various stages.
Do you have a story or an article to publish? Please email us at firstname.lastname@example.org. Ghana makes more gas discoveries. Two European companies have discovered 1.8 trillion cubic feet of gas in the Western Region. Ghana To Set Up Oil Gas Information Center. The government in collaboration with the International Development Association (IDA) is to establish Oil and gas Information Resource Centre (IRC) which would operate as an interactive space for information on the Oil and Gas sector in the country. Ghana makes another oil discovery offshore.
The Ghana National petroleum Corporation (GNPC) announced Thursday, another discovery at the Sankofa East-1 well. The exploration well which is located in the Cape Three Point Block offshore Ghana, has encountered 18.5 metres (61 feet) of gas-condensate pay in Campanian-aged turbidite channel sands and 22.5 meters (74 feet) of oil pay in Cenomanian sequence. Ghana gold production rises 64% Accra, Ghana — 27 July 2012 – Gold production in Ghana “’ Africa’s second largest gold producer “’ rose 64% in the first quarter of 2012 as higher prices led companies to boost operations, according to the country’s minerals commission. Output in the period rose to 1.53Moz, commission CEO Ben Aryee said here in an interview with Bloomberg News. “High gold prices are motivating mining firms to up production,” he added. “New companies have also come on stream.” A & B Salt Marketing Ghana, Ltd Selects Praxis Asset Management, LLC to Assist with Global Salt Mining Development Plans.
Chevy Chase, MD (PRWEB) June 25, 2012 A&B Salt Marketing Ghana, LTD has announced plans to expand and modernize Ghana’s salt mining industry. A&B Salt has engaged Praxis Asset Management to assist with capital sourcing, installation of salt processing technology and act in an advisory capacity to senior management. A&B Salt will build the salt processing factory on their ten-acre parcel of land at Sege Dangme in Accra near the Songor Salt Project. The Songor Salt Project is a lagoon where thousands of tons of salt are deposited daily via Atlantic ocean sea tides. A&B Salt intends to process the harvested raw salt, wash, package and export it to the domestic African markets and industrial international markets. Praxis has tapped into a network of interested private developers and investors who view this project as consistent with the emphasis Ghana has placed on fostering growth, innovation, economic diversification and increasing global exports.
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