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Business News of Friday, 30 July 2010

Source: World Bank

Ghana's Oil and Gas Sector - World Bank Support


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The development of Ghana’s Jubilee oilfield has the potential to bring
substantial benefits, including reliable and affordable power generation, government
revenues estimated at more than $1 billion during peak production, foreign exchange
income, jobs, and stimulated demand for local goods and services to Ghana. The
engagement of the World Bank Group in the Jubilee oilfield supports the
government’s priority to develop its natural resources in the long-term
interests of the country. The World Bank Group is committed to following the highest
standards of governance and environmental and social practice to help maximize the
development impact in all projects we support.


· The World Bank is making available to Ghana its global knowledge and expertise in
the oil and gas sector to help the Government manage the new resources.

· IFC brings long-term capital along with private sector industry knowhow and a
commitment to best global best practices in private sector finance.

· MIGA offers a range of benefits to investors seeking protection and continuity for
their projects by providing political risk guarantees and dispute resolution
services for guaranteed investments.




World Bank (IDA/IBRD) Support


· In response to a request from the government, a capacity-building project with
concessional IDA funding of about $30 million is under preparation. It would assist
public bodies in charge of overseeing the oil and gas sector and provide support to
vocational training institutions.

· IBRD is in preliminary discussions to provide a loan on commercial terms to Ghana
to enable GNPC acquire an equity stake in a joint-venture for the development of the
associated gas from the Jubilee Field.


For any questions related to the World Bank’s support for Ghana’s oil
and gas sector, please contact us.

World Bank, Accra

Kennedy Fosu

+233-21-214-142

kfosu@worldbank.org





IFC Support


· IFC, a member of the World Bank Group, is the largest development institution
focused on the private sector in developing countries.

· In 2009, IFC provided a $100 million loan to Kosmos Energy and $115 million loan
to Tullow Oil, two of the partners developing the Jubilee field. IFC also has
supported the project sponsors in preparing environmental and social management
plans for the project.

· In 2010, IFC is carrying out due diligence to explore the possibility of financing
a Floating Production, Storage and Offloading (FPSO) vessel that will produce and
process oil and gas from the Jubilee Field.

· IFC’s direct and mobilized financing for private sector projects in
Ghana’s oil and gas sector are commercially-based and do not rely on
government guarantees or below-market rate instruments from other parts of the World
Bank Group.


For any questions related to IFC’s investments in Ghana’s oil and gas
sector, please contact us.

IFC Johannesburg IFC Washington, DC

Desmond Dodd Josef Skoldeberg

+2783 448 9873 +1 202 473 6978

ddodd@ifc.org jskoldeberg@ifc.org





MIGA Support


· MIGA, a member of the World Bank Group, is focused on promoting foreign direct
investment into developing countries to support economic growth, reduce poverty, and
improve people’s lives

· MIGA has extensive knowledge in the oil and gas industry and since inception has
issued more than 30 contracts totaling more than $1 billion for projects in these
sectors

· MIGA provided a $75 million guarantee for an equity investment in the West African
Gas Pipeline Company to cover a portion of Ghana’s contractual obligations for
the project

· On June 30, 2010, MIGA entered into a $225 million 20-year contract to provide
political risk insurance for the FPSO vessel that will produce and process oil and
gas from the Jubilee offshore oil field in Ghana.


For any questions related to MIGAs investments in Ghana’s oil and gas sector,
please contact us.

MIGA Washington, DC

Mallory Saleson

+1 202 473 0844

msaleson@worldbank.org

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