Joint Statement Re: Jubilee Ghana FPSO

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, MODEC, and its wholly owned subsidiary, MV21, today mutually agreed to suspend MIGA’s political risk guarantee contract for the Floating Production Storage and Offloading (FPSO) vessel that will produce and process oil and gas from the Jubilee offshore oil field in Ghana. 

The parties agreed to this suspension in order to conduct due diligence into the conditions of a service contract between MODEC and Strategic Oil and Gas Resources (Strat Oil).  The parties note they agreed on a suspension because of the importance of the project in Ghana and their shared intention to have all issues resolved as soon as possible so that the project can be resumed.