Ghana seeks $1.65 billion in loans for oil, gas assets

ACCRA, August 3, 2021 – The Ghanaian government is seeking approval to secure up to USD 1.65 billion in loans as state-owned Ghana National Petroleum Corporation aims to acquire new assets to speed up exploitation in the context of the energy transition.

Parliamentary proceedings on Monday revealed the State is looking to purchase a 37% stake in the Deep Water Tano/Cape Three Points asset, operated by Aker Energy, as well as a 70% stake in the South Deep Water Tano field, operated by AGM Petroleum Ghana.

Up to USD 1.3 billion in funding would be required for the stake acquisitions.

The State is seeking a further USD 350 million for capex to help reduce the development cost of Aker’s Pecan oilfield.

Ken Ofori-Atta, the country’s finance minister, said last Thursday that Ghana would aim to accelerate oil developments ahead of market changes caused by the energy transition.

He warned Ghana could face being “left with stranded assets” if it doesn’t take action to speed up exploration.

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