West Cape Three Points Petroleum Agreement

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The former Attorney General stated that the current structure in which oil companies were selected without recourse to open bids does not allow the country to obtain cheap value for money. This year, Kosmos and its partners will conduct a 3D seismic survey, which is part of the initial phase of a seven-year exploration agreement. After processing and interpreting the seismic data, Kosmos plans to drill an exploration fountain on the block located about eight kilometres from the Ghanaian coast and 95 kilometres southwest of the port city of Takoradi. Houston-based oil and gas company Vaalco Energy has signed a sales contract for … The exploration period was divided into three phases, the first exploration period, the first two and a half years, the first extension period, the next two years, and the second, which is expected to last a year and a half. The agreement applies to the deepwater Cape Three Points West Block, which has an area of approximately 944 square kilometres in the Tano Cape Three Points Basin in the western region. Energy and Petroleum Minister Emmanuel Armah Buah said in an article: “The government has always complied with the Constitution, GNPC laws, oil commission laws, environmental protection laws, impact laws, including the granting of oil exploration rights to oil companies.” The agreement has a total term of 25 years, subject to the discovery of oil within the first seven years during the exploration period and the contract expires after seven years if no commercial discoveries are made. The Chair of the Committee on Mines and Energy, Dr. Kwabena Donkor, who submitted the request for adoption of the Commission`s report on the agreement, said that the committee had indicated that the oil agreement provided for provisions for the effective participation of the GNPC in the management of oil exploitation with regard to the bloc. Papa Owusu Ankomah, a Socialist MP, also expressed concern about the way the country`s oil blocks are distributed to oil companies for oil exploration and production. “We are pleased to have launched this project with Kosmos Energy, an agile and independent oil and gas company with a proven track play in West Africa. We believe that Kosmos has exceptional technical and commercial know-how and will provide valuable assistance in exploring and developing our natural resources,” said Stephen Sekyere-Abankwa, Chairman of GNPC`s Executive Board.

Evaluation of existing datasets (seismics, wells, etc.) to assess existing discoveries (Banda and Odum) and newly mapped interested individuals in Cenomanian, Turonian and Campanian to understand the block`s prospects. He called on the government to take a serious look at the process of administering the blocks to make them more transparent. Ghana has its terms for the large Italian oil group Eni and the national explorer Sprin… The oil group Eco Atlantic Oil and Gas has successfully negotiated the issuance of its four licences … . Mahogany, Teck and Akasa Discovery Areas: 416 sq.km OPERATOR: Springfield E-P Limited – New Discoveries (84%); Existing discoveries (82%) The interest in the block tax for crude oil with an API gravity of less than twenty is five percent (5%).