The Chief Executive Officer of Tullow Oil Plc, Paul McDade has disclosed that the company will actively participate in the bidding process announced by government recently to allocate oil blocs to investors.
According to him, the company will earmark about half a billion dollars to commence more oil exploration in Ghana if it wins the bids.
The Energy Minister, Boakye Agyarko recently inaugurated a committee that will see to the competitive bidding of Ghana’s oil blocs.
Speaking at an investor forum in Accra, Mr. McDade stated that even though the company will not point out which specific areas it will be competing it will actively take part in the process.
He explained that the decision is part of measures to increase its investment in Ghana’s oil and gas sector.
“With the bidding coming up in the near term here in Ghana we are expecting to be involved in the bidding right, and pick up more exploration acreage here in Ghana. We have exploration to do within the Jubilee and TEN areas but we are very focused on picking up additional acreage here in Ghana,” he stated.
Reacting to a question on which areas the company may venture into, Mr. McDade said that it will not be prudent for the company to announce its strategies.
He added that Tullow Plc is also looking at other areas in the sub region such as Ivory Coast.
He observed that the targeted areas in Ivory Coast are close to the TEN fields, making it a strategic exploration.