US$ 7 billion ENI Project gives Alex Mould Headache
The Chief Executive of the Ghana National Petroleum Corporation (GNPC) Alex Mould is under pressure to ensure the success of the US$ 7 billion Offshore Cape Three Points (OCTP) integrated oil and gas project being undertaken by Italy’s largest oil company, Eni Spa, this paper has learnt.
The GNPC boss is said to be perched on a delicate balancing act of coordinating the massive project in sync with President John Mahama vision for the radical infrastructural transformation of Ghana and having to operate under the remits of a relatively new Ministry of Energy and Petroleum whose responsibility was recently separated from the function of its twin Ministry: Ministry of Power.
This paper has gathered from reliable sources that Alex Mould is being jostled by some individuals wanting to kick him out of his position to seize control of the GNPC which, under his watch, has currently been brought to its most profitable level.
The Eni project is appears to be the attraction of these faceless individuals gunning for Alex Mould’s job, this paper has gathered. In the ENI project, over 80,000 barrels of crude oil are anticipated to be produced daily by 2017, while gas productions would commence by 2018.
The project would deliver 170 million cubic feet of gas per day and it is expected to generate an additional 1,100 megawatts of power for Ghana. The gas would be processed and transported via a dedicated pipeline to onshore gas-receiving facilities located near Sanzule, a coastal village in the Western Region.
Gas is expected from this investment to operate Ghana’s thermal power plants for 20 years.
President Mahama, said the project was probably the biggest single foreign direct investment (FDI) in Africa this year.
Meanwhile, before the Energy sector got a dedicated ministry, Mr. Mould was credited for successfully managing several energy investments involving the GNPC, including the development of the over Ghs7 billion Gye-Nyame Sankofa gas field project, the take-off of the Tweneboah-Enyan-Nton (TEN) oil fields, the Hess Oil fields off cape-three-points and other such major projects.
He has also been actively involved in solving the perennial energy crisis that the country has been plunged into. This paper can confirm that but for him; the much-touted 225 MW KarPower Barge from Turkey would have hit a snag. He authorized the GNPC in 2015 to provide a hundred million dollar (US$100 million) guarantee to the owners of the KarPower barge before the barge finally sailed to Ghana.
This was in an effort to help solve the desperate power generation shortfall that the country was experiencing last year. Parrying all sorts of opposition at the GNPC, Alex Mould has authorized the pumping of US$550 million into the construction of a second gas plant to alleviate the gas shortfalls currently bedeviling the country such that it currently owes Nigeria about US$ 80 million.
This paper gathered that the unnamed individuals pushing to get Alex Mould out of the GNPC have petitioned the Presidency, citing him as over exposing GNPC to too many investment financing. But sources say, these petitioners would have to provide better reasons to get the President to take the petition serious.
Story by :he Gazette newspaper