UKEF Provides Loan for Ghana’s OCTP

Tuesday, January 17, 2017

UK Export Finance (UKEF) signed its first direct loan deal in Africa on January 16. The $310-million loan went to GE Oil & Gas to supply equipment for an ENI-operated oil and gas project in Ghana.

UKEF’s loan and credit facility is part of a wider $1.35-billion financing for the Offshore Cape Three Points (OCTP) project, which is being developed by ENI, Vitol, and GNPC.

The project will tap offshore oil and gas resources and provide fuel for gas-fired power plants in the West African country.Oil and gas production from the project is expected to peak at 80,000 boepd in 2019.

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