UKEF provides loan for offshore Ghana subsea systems

Offshore staff

LONDON – Britain’s export credit agency UK Export Finance (UKEF) will provide $400 million to support a GE Oil & Gas contract for the Offshore Cape Three Points (OCTP) project in Ghana.

Total value of the contract, which will sustain jobs at GE sites in the Aberdeen and Bristol areas, is $850 million.

GE is manufacturing subsea production systems to develop the OCTP oil and gas discoveries 60 km (37 mi) offshore western Ghana. Following start-up in 2018, the fields are expected to continuously supply gas to the country’s thermal power plants for more than 20 years. 

This will reduce the country’s reliance on energy imports, at the same time sustaining Ghanaian industrial development.

According to UKEF, it is the first time a European export credit agency has supported a financing structure of this kind, and it is also UKEF’s first direct loan for a project in Africa.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...