New figures released by the International Finance Corporation (IFC) has projected that the Sankofa Gye Nyame Oil and Gas field will generate about $2.3 billion in revenues for the government of Ghana annually .
The field which will provide reliable gas supply for thermal plants is also estimated to help produce about 1000 megawatts of power.
The IFC anticipates that the project will provide a stable and long-term source of domestic gas that will solve country’s chronic gas supply constraints.
Already, the World Bank Group has provided a total of $1.217 billion in debt and guarantees to support the project which is estimated to cost a total $7.7 billion.
The project which will be completed in 2018 is being developed by Italian Firm ENI SpA and upstream trader Vitol Ghana.
Per the agreement, ENI holds a 44.4 percent stake, Vitol holds 35.6 percent while the Ghana National Petroleum Corporation holds a combined carried and participating interest of 20 percent.