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Ghana clinches 79% oil deal

U oilCabinet last week approved a new oil deal between the Ghana National petroleum Corporation (GNPC) and AGM Petroleum Ghana Limited, which deal grants Ghana a total stake of 79%.

Announcing the approval at the presidency last week, a Deputy Minister of Information and Media Relations, Felix Kwakye Ofosu,- said the deal was the highest approval the country has had from the exploration of its oil resources.

A subsidiary of GNPC, Exploration and Production Company Limited (EXPLORCO), will together with AGM form a Joint-Venture Company that will hold the commercial interests hitherto held solely by international oil companies.

The South Deepwater Tano block is located within the offshore Tano Basin and has a size of 3,482 km2 and a depth of about 350 metres.

Oil exploration firms — Tullow; Vanco and Lukoil — have made significant discoveries in the same Tano Basin.

Ghana’s 79 percent share of the sale of oil and gas from the block comprises 10 percent royalty, five percent from domestic gas, 10 percent from exported gas, 1(1 percent’ carried interest; 15 percent participatory interest and 35 percent corporate tax.
Government has said it is repositioning the GNPC to focus on it commercial role and leave the regulatory function to the newly-formed Petroleum Corporation.

In line with this, the GNPC says it aims to become the dominant domestic operator within 10, years, and a global player within the next 20 years.
Going forward, the GNPCs global operating capacity will be developed through the framework of Joint Operating Companies (JOCs) in strategic alliance with world-class operators, Nana Asafu-Adjeye, CEO of GNPC, said recently.

“This way we will acquire not only skilled individuals as we did in the past, but entire functional systems. GNPC personnel will grow within and eventually take over operational and corporate management of JOCs in planned phases,” he said.

Source: B&FT

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