Britain’s credit export agency has signed its first direct loan deal in Africa providing GE Oil & Gas with $310million to supply equipment for a project in Ghana.
The UK Export Finance (UKEF) is part of a wider $1.35billion financing for the Offshore Cape Three Points (OCTP) project developed by Eni, Vitol Ghana Upstream and the Ghana National Petroleum Corporation.
The $7.9billion project will tap offshore oil and gas resources and provide fuel for gas-fired power plants in Ghana.
Oil and gas production from the projects is expected to peak at 80,000 barrels of oil equivalent per day in 2019.
The GE subsidiary, which won an $850 million contract to supply equipment to the OCTP project in 2015, manufactures oil and gas equipment at factories in Bristol and Aberdeen.