The current downturn in the global oil and gas sector is yielding some innovative approaches to project finance. And one nation this week came up with an unprecedented strategy for moving its petroleum sector forward. That’s the West African country of Ghana. Where the government says it is close to a deal to “mortgage” its petroleum reserves to Chinese development banks — in exchange for massive loans needed to build production equipment. Ghana’s Minister of Finance, Seth Terkper, said in a radio interview late last week that his government has tabled an unusual proposal to China Development Bank (CDB). Offering to let them have output from the massive Jubilee offshore natgas field for up to two decades — if they pay to put it into production. Finance Minister Terkper said his government is asking CDB to kick in $1.5 billion needed to build Jubilee. In the form […]