UKEF provides loan for offshore Ghana subsea systems
Britain’s export credit agency UK Export Finance will provide $400 million to support a GE Oil & Gas contract for the Offshore Cape Three Points project in Ghana.
Total value of the contract, which will sustain jobs at GE sites in the Aberdeen and Bristol areas, is $850 million.
GE is manufacturing subsea production systems to develop the OCTP oil and gas discoveries 60 km (37 mi) offshore western Ghana. Following start-up in 2018, the fields are expected to continuously supply gas to the country’s thermal power plants for more than 20 years.
This will reduce the country’s reliance on energy imports, at the same time sustaining Ghanaian industrial development.
According to UKEF, it is the first time a European export credit agency has supported a financing structure of this kind, and it is also UKEF’s first direct loan for a project in Africa.