UK Export Agency Signs First Loan Deal In Africa For Ghana Energy Project
LONDON, Jan 16 (Reuters) - Britain's credit export agency, UK Export Finance (UKEF), signed its first direct loan deal in Africa on Monday, providing $310 million to GE Oil & Gas to supply equipment for an oil and gas project in Ghana.
UKEF's loan and credit facility is part of a wider $1.35 billion financing for the Offshore Cape Three Points (OCTP) project, developed by Eni, Vitol Ghana Upstream and the Ghana National Petroleum Corporation.
The $7.9 billion project will tap offshore oil and gas resources and provide fuel for gas-fired power plants in Ghana. Oil and gas production from the project is expected to peak at 80,000 barrels of oil equivalent per day in 2019.
UKEF said its loan was based on both project finance and reserve-based lending, a first for a European export credit agency. It is also providing $90 million in buyer credit, a type of bank guarantee.
The deal builds on an agreement signed in 2015 between UKEF and UK-headquartered GE Oil & Gas to provide up to $12 billion in financing.
The GE subsidiary, which won an $850 million contract to supply equipment to the OCTP project in 2015, manufactures oil and gas equipment at factories in Bristol and Aberdeen.
(Reporting by Karolin Schaps. Editing by Jane Merriman)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension