(Aug. 16 (Bloomberg) -- Ghana National Petroleum Corp. and PetroSaudi International Ltd. signed a preliminary agreement to jointly explore, develop and produce oil and natural gas as the West African nation starts developing its energy industry.
The two will consider projects in oil field services, infrastructure, and facilities development, state-owned Ghana National said in an e-mailed statement today.
Ghana became Africa’s newest oil exporter after production began at its Jubilee field on Dec. 15. The field produces 80,000 barrels per day and will rise to 120,000 barrels this month or next, according to operator Tullow Oil Plc.
Ghana plans to spend $1.3 billion, part of $3 billion in loans from the China Development Bank, to develop infrastructure and produce gas from Jubilee, Ghana National Gas Co. Chief Executive Officer George Sipa Yankey said in an interview on Aug. 12.
The rest of the loan, which is awaiting parliamentary approval, will be used to construct railway lines, road networks and expand harbors along the coast, Sipa Yankey said.