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Business News of Tuesday, 17 March 2015

Source: pennenergy.com

GE to order $850M worth of equipment for Ghana offshore production block

The oil and gas arm of GE announced it will order $850 million worth of equipment for an offshore block in Ghana, according to a release by GE.

The company said the order will include turbomachinery and subsea equipment. Yinson Production will supply turbomachinery, and Eni Ghana and partners Vitol and GNPC will provide the subsea component of the order.

"It shows the value of our broad technology scope, cutting across two of our business units and leveraging the GE store to deliver innovative, economic solutions for our customers," GE Oil & Gas President and CEO Lorenzo Simonelli said in a statement.

The company expects the first shipment of equipment to take place in the fourth quarter of 2015. GE anticipates delivering its first oil shipments by 2017.

GE is increasingly expanding its presence in Ghana. In January, the firm said it will build a $1 billion power plant in the West African country that is capable of generating 1.2 gigawatts. The project is expected to increase Ghana's power generation capacity 50 percent. The facility will run on liquefied natural gas.

More information on power generation in Ghana can be found on PennEnergy's research area.

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