GE Oil & Gas CEO: LNG to significatly cut power costs in Ghana

Liquefied natural gas imports will substantially lower the cost of power generation in Ghana, according to the President and CEO of GE Oil & Gas, Lorenzo Simonelli.

Speaking to the audience at the World Gas Conference being held in Paris, Simonelli said that LNG to be used as fuel for the Ghana 1000 project can “lower the cost of power in Ghana for up to 35 percent, or about USD 1 billion annually.”

“Many of Ghana’s neighbors will be exporting LNG in the next few years, creating multiple opportunities to access nearby supplies and improve the economy of the entire region,” Simonelli added.

GE and Endeavor Energy, co-leaders of the Ghana 1000 project, and their consortium partners Eranove and Sage Petroleum, have in January this year signed an agreement with Excelerate Energy for the gas-to-power project.

The deal includes reservation of an FSRU that will provide storage and regasification of LNG for the Ghana 1000, a 1300 MW power plant that will be located in Aboadze in the Western Region of Ghana.

LNG World News Staff; Image: WGC Paris 2015