Italian energy group Eni S.p.A, the parent company of Eni Ghana, operator of the Sankofa Gye Nyame (SGN) field, says it has successfully raised €2bn through two perpetual hybrid bond issues.

Eni Ghana has a 44.44 percent share in the SGN project, with other partners as Ghana National Petroleum Corporation with 20 percent and Vitol with 35.56 percent.

The bonds were issued in two parts: a €1bn perpetual 6-year subordinated non-call hybrid notes issue and a €1bn perpetual 9-year subordinated non-call hybrid notes issue.

The 6-year note has a re-offer price of 100 percent and an annual fixed coupon of 2 percent until the first reset date of May 11, 2027. The 9-year note has a re-offer price of 99.607 percent and an annual fixed coupon of 2.75 percent until the first reset date of May 11, 2030.

Eni’s SGN field produces the highest volume of combined associated and non-associated gas among Ghana’s three oil fields. In 2020 output increased by 60 percent, according to the Public Interest and Accountability Committee (PIAC), Ghana’s oil revenue watchdog.

This was mainly because gas consumption from the SGN field was domestic, and therefore less affected by the global price fluctuations, PIAC said.