Ghana National Petroleum Company’s(GNPC)
The Corporation’s strategy for gas utilization is to take a leading role and sole initial responsibility for developing the necessary infrastructure that would deliver low cost fuel to electricity generators and industry. Despite the challenging global economy, we actively pursued the implementation of strategies that would enable us to secure attractive financing for the effective utilization of the natural gas associated with the Jubilee field for national development.
A lot of interest was generated in our sedimentary basins with several companies visiting the corporation and reviewing data. As a result, in 2008, Parliament ratified three agreements between the Government of Ghana and GNPC on one hand and Vitol Upstream of Switzerland in late June; Oranto Petroleum of Nigeria in July and Aker ASA of Norway in November.
During the year, the corporation planned to attract about US$300 million of foreign direct investment. By the end of September, 2008, this target had been exceeded by US$223 million at US$523 million. These investments were mainly used for drilling wells, acquiring high resolution 3D seismic data as part of our appraisal programs and acquiring long lead items.