For Gas From The Gulf Of Guinea
The Ministry of Energy and Petroleum, has revealed that Ghana and three other West African countries are about to establish a joint-company to manage natural gas and butane (LPG) in the Gulf of Guinea region.
The countries were, Nigeria, Equatorial Guinea and La Cote D’Ivoire and Ghana.
This was discussed at the last Gulf of Guinea Gas Conference held in La Cote D’Ivoire.
A statement issued by the Ministry and signed by Head of Communications, Edward A. Bawa said , the four countries also discussed the need to get more value from natural gas produced in the Gulf of Guinea.
The company also considered the better use of butane produced from Nigeria and Equatorial Guinea, as well as a drive towards more integration of national economies.
The conference, also considered a strong demand for electricity for industrialization and improvement of the living conditions of the citizens and also considering that the largest share of electricity in the region is produced by gas-fired thermal plants.
According to the statement, the Ministers of Energy and Petroleum of the respective countries, muted the idea of establishing a sub regional private gas company.
Following this conference and in furtherance of concretizing this initiative, a ministerial level meeting was held on Thursday, February 6, 2014 at the Ministry of Energy and Petroleum to explore the possibility of establishing the regional gas company.
The meeting, also included the Heads of the National Oil Companies of Ghana, Equatorial Guinea, La Cote D’Ivoire and Nigeria.
The various parties in the meeting agreed; to establish a Sub Regional Private Gas Company, whose main objectives would be to import liquefied natural gas (LNG), develop infrastructure for LNG importation, storage and regasification and develop natural gas and butane gas markets.
The ministers also discussed how to set up a shareholding structure of the new Regional Gas Company after economic studies have been finalized and further consultations between the parties are completed.
The conference also considered how to entrust the National Oil Companies with the duty of conducting a technical and economic study on the viability of the project on or before March 15, 2014
The report, when completed is scheduled to be discussed by the Ministers of the participating countries not later than April 15, 2014 in Malabo, Equatorial Guinea.
The Ministry wishes to assure the public that they will constantly be updated on the progress of this initiative.