Ghana's Government has signed an agreement of US$700m with the World Bank to receive financial guarantee for the development of the Sankofa Gye Nyame gas field project located 60 km offshore Takoradi in the Western region of Ghana.
The World Bank will provide US$500m to Ghana in the form of a payment guarantee, while the IBRD will guarantee another US$200m under the same agreement. Thanks to the World Bank back-up, two international banks, HSBC and Standard Chartered Bank are expected to jointly provide US$500m loan.
The Sankofa field holds estimated proven hydrocarbon reserves of 204 Mbl of oil and 1,100 Tcf (31 bcm) of natural gas. Oil production is scheduled to start in August 2017, while gas production is expected in February 2018. Eni, the operator, holds a 47.2% stake in the block, Vitol holds 37.8% and Ghana National Petroleum Corporation (GNPC) holds a 15%.