New figures released by the International Finance Corporation (IFC) has projected that the Sankofa Gye Nyame Oil and Gas field will generate about $2.3 billion in revenues for the government of Ghana annually.
The field which will provide reliable gas supply for thermal plants is also estimated to help produce about 1000 megawatts of power.
The IFC anticipates that the project will provide a stable and long-term source of domestic gas that will solve country’s chronic gas supply constraints.
Already, the World Bank Group has provided a total of $1.217 billion in debt and guarantees to support the project which is estimated to cost a total $7.7 billion.
The project which will be completed in 2018 is being developed by Italian Firm ENI SpA and upstream trader Vitol Ghana.
Per the agreement, ENI holds a 44.4 percent stake, Vitol holds 35.6 percent while the Ghana National Petroleum Corporation holds a combined carried and participating interest of 20 percent.