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Ghana's GNPC Inks Oil and Gas MOU with Petrosaudi

Source: Reuters 8/16/2011, Location: Africa

Ghana National Petroleum Corporation (GNPC) has signed a memorandum of understanding with Saudi Arabian firm PetroSaudi International, to jointly explore, develop and produce oil and gas and related services in Ghana, the GNPC said. Ghana, Africa's newest crude producer, began pumping oil last December from its Jubilee oilfield, operated by UK energy company Tullow Oil .

"GNPC and PetroSaudi will explore joint ventures in oil and gas exploration, development and production; oilfield services and infrastructure," a statement from GNPC said without giving further details. The head of GNPC told Reuters details of how the two companies would work together had yet to be worked out. "For now, it is a broad MOU for collaboration and we are now going to work out the specific areas to be covered and all the other details," GNPC CEO Nana Boakye Asafu-Adjaye said. Ghana said last week it also planned to borrow $800 million from the state-owned China Development Bank to develop its natural gas infrastructure.

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