On February 19, 2009, IFC’s Board of Directors authorized IFC to enter into investment agreements to support the development of Ghana’s Jubilee field, an offshore oil and gas project that will help to diversify Ghana’s economy and satisfy energy needs.
The Project, located in deep water some 60 kilometers off the coast of Ghana, will produce crude oil, generating foreign exchange income for the country and substituting expenditures for oil imports. It will also boost government revenues against the background of the current global economic downturn that may have negative effects on developing countries for years to come.
In addition to the proposed $100 million loan to Kosmos Energy and $115 million loan to Tullow Oil, IFC will assist the companies in enhancing the project’s benefits for local communities.
IFC is making a document public that explains the project further and outlines the safeguards IFC has put in place to maximize the project’s positive effect and limit environmental damage, if any.
This briefing supplements the following information publicly disclosed on IFC’s website: (i) Kosmos Summary of Project Information, dated December 19, 2008 and Environmental and Social Review Summary, dated December 22, 2008; and (ii) Tullow Summary of Project Information and Environmental and Social Review Summary, both dated January 16, 2008. These documents, together with the information below, provide details on the Project, the potential impacts and expected benefits, relevant policies and safeguards, and IFC’s role.
Briefing on Jubilee Project
