Norton Rose and HSF advise on $7bn energy project in Ghana
Firms win key mandate to advise Italian and Dutch investors on the oil and gas development deal
February 05, 2015 at 08:55 AM
2 minute read
Norton Rose Fulbright and Herbert Smith Freehills (HSF) have scored mandates to advise on a $7bn (£4.6bn) oil and gas project in Ghana, West Africa.
The project will develop oil and gas resources in the Sankofa and Gye Nyame fields among others.
The developers of the project are Italian oil group ENI, which has a 47% stake, alongside Dutch commodities trader Vitol (38%) and the Ghana National Petroleum Corporation (GNPC) (15%).
Norton Rose is advising operator ENI with a team in London led by energy partner Nick Prowse.
HSF is advising Vitol with a team in London led by finance partner Martin Kavanagh and senior finance associate Rowena van de Grampel.
GNPC is being advised by Curtis, Mallet-Prevost, Colt & Mosle.
Kavanagh said the project was a "landmark transaction in the natural resources sector in Ghana".
He added: "We are glad to be able to contribute to this transformational project by utilising our experience in this area and region."
The scheme is the first major gas development project in Ghana and is expected to continuously supply the country's thermal power sector until at least 2036.
Last year, Ghana's president John Dramani Mahama announced plans to reduce gas imports from Nigeria and boost local supplies. He has said the project is the largest single flow of foreign direct investment into Ghana since the country became independent in 1957.
Oil and gas production from the project will begin during 2017 and early 2018.
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