Announcement of Petroleum Exploration in Ghana to Receive IDA Assistance on May 26, 1983

\\ II , FOR IMMEDIATE RELEASE _ C eWorldBank °'.C. 1818 H Street, N.W., Washington, 20433, U.S.A.•Telephof1e: (202) 477-1234 IDA NEWS RELEA~E NO. 83/89 Contact: Pam Brennan May 26, 1983 (202) 477-3293 PETROLEUM EXPLORATION IN GHANA TO RECEIVE IDA ASSISTANCE Ghana will undertake measures to accelerate petroleum exploration with t·p.e 1 asssistance . of an SDR 10.2 million ($11 million) credit from the International Development Association (IDA). IDA is the World, Bank's affiliate for concessionary lending. Under ~he $12 million project, existing exploration data and new ')} i) seismic c;lata of 7,300 kilometers will be collected, processed, and evaluated. In addition, tf~ project will acquire and evaluate new data in \, • the Tano off-shore area. This work will provide the first country-wide assessment of Ghana's petroleum prospects, essential to intensifying petroleum exploration. It will support the government's efforts to rekindle interest of private foreign capital in 'hydrocarbon exploration. Consultants will help the government revise petroleum legislation and formulate production agreements. A promotional package for the oil industry will also be prepared. The technical capabilities of the Ghana National Petroleum Corporation and the National Energy Board will be strengthened with technical assistance and tra~ning programs. The IDA:icredit is for 50 years, including 10 years of grace; it carries no interest but has a small annual service charge (0.5% on the undisbursed balances of the credit and 0.75% on the disbursed balances). NOTE: IDA credits are denominated in SDRs (Special Drawing Rights), which are valued on the basis of a "basket" of currencies. The U.S. dollar equivalent of the SDR amount of the IDA credit reflects the exchange rates existing at the t.ime of the negotiation of the credit • •