Petroleum Africa
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Tuesday, April 15, 2014
Ghana’s state-run oil firm GNPC is looking for about $1 billion to fund its plans to become an independent operator over the coming years. The company is also looking to build up its own oil trading desk with its partner Unipec (a subsidiary of Sinopec), according to GNPC CEO Alex Mould.
“We think $1 billion is a good start and I think we’ll get there. This $1 billion is going to be used for many things. We’re looking for opportunities and the best is to go into exploration, do more appraisal work,” Mould told Reuters. GNPC is working with the government on funding and looking for ‘efficient capitalization’, Mould said, but offered no further details on how GNPC would raise the cash.
“We have an accelerated growth strategy to become an independent operator in seven years and a world class operator in 15 years,” the GNPC CEO said. “GNPC’s goal is that if we develop our capability we must as well start using our own resources in looking elsewhere outside Ghana for potential hydrocarbon resources that we can explore together with the countries involved,” he said.
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