QUINCY SINTIM-ABOAGYE

QUINCY SINTIM-ABOAGYE



$150 Million

CEO, LUSHANN INTERNATIONAL ENERGY CORPORATION


Wealth: SELF MADE, PETROLEUM


Known For: SALTPOND OFFSHORE PRODUCING COMPANY LIMITED


OVERVIEW

Quincy Sintim-Aboagye owns Lushann International Energy Corporation (LIEC), the first fully Ghanaian-owned oil company, he is also the man who led the negotiations with GNPC in 18 January 2000 for the rehabilitation of the Saltpond Oil Field and the implementation of the rig-less work over proposal. Lushann International then contracted Eternit Universal Ltd. of Nigeria for the financing of the rehabilitation works. The Agreement provides LIEC with a 55% working interest in the Saltpond Field and related infrastructure in exchange for LIEC providing 100% of redevelopment costs. The Saltpond oil fields, reactivated in 2002 after being abandoned by various prospecting companies since its discovery in 1970.

In addition to the working interest right, LIEC was also granted the right to develop up to 400 MW of power generation infrastructure to commercialize the Saltpond field natural gas resources. In order to fund the development of the project, Lushann-Eternit Energy Limited was formed as a 100% owned subsidiary of LIEC to act as local owner/operator of LIEC's working interest in Ghana. G.N.P.C and Lushann-Eternit Energy Limited formed Saltpond Offshore Producing Company Limited (SOPCL) as the Joint Venture vehicle and local operator in Ghana of the Saltpond Oil Field.

On 10 June 2010 The Ghana National Petroleum Corporation (GNPC) is pulled out of the joint venture agreement entered into with LIEC.


NET WORTH SUMMARY

The Saltpond Offshore Producing Company Limited (SOPCL) has since 2002 lifted 800,000 barrels of crude oil estimated at $90 million. The SOPCL in 2008 purchased a new vessel, M.T. Bonsu from Kingdom Holdings to help reduce its operating cost.

GNPC’s equity contributions to SOPCL included its assets at the oil field, comprising Mr. Louie Platform, seismic data, oil wells and studies on the oil field, all valued at $10 million.

In April 2006 the SOPCL increased in production to 700 barrels per day (110 m3/d) from two wells which later dropped to about 550 barrels per day (87 m3/d) of oil. SOPCL at present produces a steady production of an average of 350 barrels of oil per day.

On January 10, 2002 VRA entered into an agreement with Lushann for the lease of the 85 MW power plant for a three year period to supplement energy supply in Ghana.


Visibility Ratings: B



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