Petroleum Africa
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Monday, February 10, 2014
A regional gas company is being formed in West Africa and Ghana will lead the establishment of it. The company is being formed to help deal with issues associated with the supply of natural gas, LPG, and regasification units in the sub region. Nigeria, Côte d’Ivoire, and Equatorial Guinea are the other members countries.
The announcement of the regional gas company’s formation was made when the ministers of Ghana and Cote d’Ivoire, Emmanuel Armah-Kofi Buah and Adama Toungara respectively, pledged their commitments to the project in Accra. They both added that there was strong collaboration from Gabriel Obiang, the minister of energy from Equatorial Guinea and from Nigeria’s NNPC.
Buah said the decision to establish such a strategic gas company to supplement energy needs of member countries was reached at the 16th Gulf of Guinea Oil & Gas Conference (GOG16) held in Abidjan last year, noting that it was critical for these countries to work together to find a lasting solution.
He went on to say that the venture was also critical to his country’s economic growth as demand for electricity increases annually saying that last year the Ministry received a report that Ghana’s annual electricity demand was 8%; by the end of the year it jumped to 10%, then the latest report released some weeks ago pegged Ghana’s annual demand at 12%.
Toungara on his part said that Ghana, Côte d’Ivoire, and Nigeria do not only have common cultures but also share economic ties, stressing the need to always find a common solution to common problems.
“What is left is for us participating countries to ask our national oil companies to work on the economic feasibilities of this company so we can meet at the level of Ministers to present economic report and the next step will be to set up the regional oil company,” Toungara further stated.
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