Local involvement a feature in latest deepwater Ghana block award

Offshore staff

ACCRA, Ghana – Ghana’s Parliament has ratified a petroleum agreement for the South Deepwater Tano block (SDWT).

The 3,482-sq km (1,344-sq mi) concession is in water depths of 2,000-3,500 m (6,562-11,483 ft) in the Tano basin. It is adjacent to the Deepwater Tano/Cape Three Points block, where operator Hess has scored seven discoveries, and the Vanco/Lukoil Deepwater Cape Three Points block, which has one discovery.

The partners are Ghana National Petroleum Corp. (GNPC), GNPC Exploration and Production Co. Ltd. (Explorco), and AGM Petroleum Ghana.

This agreement gives Ghana and GNPC a stronger position in exploration and production than in previous oil and gas agreements. Consequently, the country will gain a larger share of resources in the event of a discovery.

12/05/2013

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