backLONDON, Feb. 19, 2016 — King & Spalding’s London office is providing legal advice to the Ghana National Petroleum Corporation (GNPC), Ghana’s national oil company, on its $550 million pathfinder liquefied natural gas (LNG) project, the first such project to be implemented in sub-Saharan Africa.
GNPC and Quantum Power, the pan-African energy infrastructure investment platform, announced on Feb. 9 that they signed heads-of-terms for the construction and operation of the LNG storage, regasification and delivery facilities at Tema, Ghana. The project, comprising a capital outlay of over $550 million, will be implemented on a build-own-operate-transfer basis, with the assets transferring to GNPC after the project’s 20-year term.
The facility will have the scalable ultimate capacity to receive, store, regasify and deliver, at steady state, of about 3.40 million tons of LNG per year, equivalent to 500 million standard cubic feet of gas per day utilising a state-of-the-art dedicated floating storage and regasification unit moored off shore of Tema. The terminal is the first such project to be implemented in sub-Saharan Africa.
King & Spalding is providing legal advice to GNPC on all aspects of the project. The team is led by London office managing partner Garry Pegg, and other members of the team include partner Hywel Jones, senior associate Susanna Beard and associate Kelly Nash.
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