Ghana Exploration Licensing Round Attracts Global Majors

By Lefteris Karagiannopoulos
Monday, December 24, 2018

Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country's first exploration licensing round, its energy ministry said.

The interest is a major vote of confidence in Ghana, which is keen to unlock more resources after it began pumping from its flagship offshore Jubilee field in 2010.

The companies that have submitted applications are Tullow Oil, Total, ENI, Cairn, Harmony Oil and Gas Corporation, ExxonMobil, CNOOC , Qatar Petroleum, BP, Vitol , Global Petroleum Group, Aker Energy, First E&P, Kosmos, Sasol and Equinor.

The applications include expressions of interest in competitive bidding for three blocks in the Western Basin and for direct negotiations regarding another two blocks offshore Ghana, the energy ministry said in a statement.

"Τhe high level of interest shown by major International Oil Companies in our first licensing round is a vote of confidence in the Ghanaian economy," Deputy Minister for energy in charge of petroleum, Mohammed Amin Adam, was quoted as saying.

A total of 60 applications were received, but two were invalidated as they were for a block reserved for Ghana National Petroleum Corporation.

Ghana currently produces 200,000 barrels of oil per day (bpd), with the Jubilee field producing about 100,000 bpd.

Some of the interested firms have already started boosting their presence in the country.

ExxonMobil, for example, recently signed a deal with Ghana to explore for oil in the Deepwater Cape Three Point offshore (DWCTP) oilfield.

Aker Energy AS, controlled by Norwegian billionaire Kjell Inge Roekke, agreed in February to buy Hess Corporation's Ghana unit in a $100 million deal, gaining access to a 50 percent stake in the deepwater Tano Cape Three Points block.

The block holds an estimated 550 million barrels of oil equivalent in contingent resources and potential for a further 400 million barrels.

Ghana wants to be a petroleum hub for West Africa. It has drawn up plans to build four refineries of about 150,000 bpd each in the next 12 years.

Ghana's only oil refinery, the Tema Oil Refinery, processes about 25,000 bpd of oil, far below its capacity. 


(Reuters, Reporting by Lefteris Karagiannopoulos; Editing by Mark Potter)

Categories: Offshore Energy Deepwater Exploration Energy Africa

Related Stories

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

ABL Gets Papua New Guinea FSO Job

Jadestone Energy Lifts Malaysia Production with Second Online Well

Dolphin Drilling’s Blackford Dolphin Secures More Work for Oil India

TGS Gets Exclusive Rights for Seismic Survey Offshore Brunei

Markets: Oil Majors Reload Exploration Hoppers Across Sub-Saharan Africa

Yinson Production Names FSO for Murphy's Lac Da Vang Project off Vietnam

Iran War Sparks Global Rush to Build Strategic Oil Reserves

Current News

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

Saipem Cuts Earnings Outlook as Middle East Costs Rise

Serica Energy Agrees $194M Pharos Energy Acquisition

Oil Eases After Topping $100, Still Set for Weekly Rise

BP Moves Indonesia CCUS Project Into Offshore Installation Phase

Eni-Petronas JV Starts Indonesia-Bound FPSO Construction

QatarEnergy Prolongs LNG Force Majeure, Charters Out Tankers

Chevron Enlists Velesto’s Jack-Up Rig for Drilling Job off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com