Russia’s Rosneft has signed a preliminary 12-year liquefied natural gas (LNG) supply deal with Ghana National Petroleum Corp (GNPC), a move that will see delivery of natural gas to Ghana’s Tema port, thus meeting the energy demand of the West African nation
The agreement, which is subject to be approved by the boards of directors of both parties, includes the supply of 1.7 mmtpa or 250mn scf per day.
According to the industry experts, the deal aims to strengthen West Africa’s energy security and reinforce Ghana’s position as the regional LNG hub. The agreement was signed during the XXII St Petersburg International Economic Forum.
During the forum, Rosneft and GNPC also signed a framework cooperation agreement that envisages a joint study of high-priority directions of mutually beneficial cooperation in the development of West Africa’s oil and gas fields, oil and oil product supplies.
Commenting on the oil and gas agreement in Africa, Igor Sechin, CEO of Rosneft, noted, “The signed documents open a new stage in the development of cooperation between Russia and the Republic of Ghana. Today, Ghana has placed itself among dynamically developing world economies with the energy demand growing year on year. Being a global energy company, Rosneft is capable of meeting this demand including also through LNG and natural gas supplies. Further, the documents open up wide exploration, production and trading possibilities for the company.”
Going forward, Fredrick Blay, chairman of the board of directors of GNPC, said that with this new agreement with Russia, GNPC will play a leading role in the development of West Africa’s oil and gas sector.
In addition, Rosneft also signed a memorandum of understanding with Nigeria’s Oranto Petroleum Limited on potential cooperation in the implementation of oil and gas projects in Africa.
