Standard Chartered Bank Offshore Cape Three Points Project

Standard Chartered Bank Offshore Cape Three Points Project GTR Paris Conference June 2017

What are the Key Words? USD 1. 35 bn Project Finance 8 Banks Largest guarantee by the World Bank Largest FDI Ghana Largest UKEF DLF Domestic Gas to power over 1, 100 MW Long-tenor Finance First UKEF DLF to Africa 1

Where is the OCTP Project located? OCTP Block is located about 60 km off Ghana’s Western Region coast. It is made up of Sankofa Main, Sankofa East and Gye-Nyam fields 2

What does the OCTP Project look like? 3

Who are the Key Players? “OCTP Project” UKEF USD 400 mm ENI Ghana (44%) Vitol Upstream Ghana Ltd (36%) GNPC (20%) IFC USD 300 mm Commercial Banks (Partial MIGA Support) USD 650 mm Oil Sales International Oil Offtake Gas Sales World Bank L/C Guarantee GNPC 4

What are the Key Challenges? Complex Structure # of Entities Due Diligence § Financing highly structured given the nature of the project § Comprehensive security package § Project involved large number of counterparties from multi-jurisdictions § Size / nature of project required thorough on credit & legal due diligence § Credit, legal, technical, market, environment risks 5

What are the Key Takeaways? UKEF / World Bank / IFC UK Exports § First UKEF Direct Lending into Africa § First European ECA support in this financing structure § Largest guarantee provided by the World Bank § Supported GE Oil & Gas export contract worth USD 850 mm § Contract to support jobs in Aberdeen and Bristol in UK § Cleaner and more reliable local energy supply to Ghana’s power sector Power Ghana § Additional revenue stream to the government, with estimated USD 2. 3 bn in revenues 6 Source: World Bank; Standard Chartered

Panel Discussion Panellists Yoshi Ichikawa* Standard Chartered Bank Richard Simon-Lewis UK Export Finance GE Capital Guto Davies British Exporter Association John Dewar Milbank Executive Director Project & Export Finance Head of Civil, Infrastructure & Energy Business Managing Director Sales & Project Finance Chairman Industry Committee Partner 7

Q&A 8