Accra, June 16, GNA - Mr Alex Mould, the Chief Executive of the Ghana National Petroleum Corporation (GNPC), has defended the Corporation’s investments over the past few years saying they are strategic and forward looking.
Mr Mould made the remarks at the Africa Oil and Power Conference in Cape Town, South Africa, a statement made available to the Ghana News Agency by the GNPC said.
He said as an industry enabler and gas aggregator in Ghana, there was the need for the GNPC to invest into the power sector with a plan to use gas to power electricity generating plants in Ghana.
The maiden edition of the Africa Oil and Power Conference was on the theme: "A Continent of Abundant Resources yet Lagging in Many Areas of Development”.
Mr Mould said consistent with Ghana’s gas aggregator role, the GNPC provided financial guarantee to enable the deployment of a 450 megawatt (MW) power barge. “This is a strategic investment to improve Ghana’s energy security”.
He said half of that capacity had already been added to the national grid which had helped alleviate the power shortages and the second half was expected to be deployed this year.
Mr Mould said Ghana’s oil production was expected to average over 350,000 barrels per day by 2018 while gas production was expected to average over 300 million standard cubic feet per day (mmscf/d).
He, however, said the domestic gas production would not meet all of Ghana’s demands.
The GNPC is, therefore, working with a private sponsor to build a liquefied natural gas (LNG) import terminal offshore.
He said the terminal, with a capacity of 500 mmscf/d, would receive, store and regasify LNG and discharge it through pipelines to power plants.
“We will soon begin the procurement process of the LNG for this terminal,” Mr Mould said.
Mr Mould said the GNPC was also considering the feasibility of rehabilitating an existing barge owned by the Corporation to generate up to 125MW in the first phase.
“The GNPC and its partners have just concluded the security structure for the Sankofa gas project worth over six billion dollars of investment,” he said.