From the Field
Tema deal omits Ghana Oil and Gas Insurance Pool
ACCRA, September 11, 2018 – Tema LNG Terminal Company and the China Harbour Engineering Company have tapped Heritage Energy for the Tema port LNG terminal project, diverting revenue from the Ghana Oil and Gas Insurance Pool, local media reported Monday.
The local market capacity could retain a significant portion of the risk in the country and generate insurance revenue of over USD 1 million, while Heritage can retain less than USD 100,000 of the premium, My Joy Online reported.
The pool is the body mandated by the National Insurance Commission to provide insurance for the upstream and midstream sector in Ghana. Since 2014, the group has written premiums totalling USD 146 million and paid net claims of USD 9 million.
The Tema LNG terminal deal was signed last week. The terminal, which is expected to be completed in 18 months, is set to be the first regasification terminal in sub-Saharan Africa.