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Understanding how to acquire an oil licensed in Ghana

  • SOURCE: | Editor
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    fpsoTo acquire an oil exploration license in Ghana, for both offshore and onshore, a prospective investor, must go through the following 10 steps:

    Ministry of Petroleum (submission of receipt)

    (a)Receipt of letter of interest (addressed to Hon. Minister) to acquire exploration block notifies Petroleum Commission (PC) of the receipt of letter.

    Applicant may then be invited to make a presentation of the company to PC.

    Applicant is advised (by letter) to formally request the PC for an appointment to visit the Data Room

    Petroleum Commission

    Applicant receives appointment and inspects data on available blocks/contract area at Data Room (minimum 2 weeks’ notice). A non-refundable fee of $1000/GHC equivalent is paid when blocking appointment for Data Room visit

    Application and submission

    Applicant identifies available block of interest and picks up application form at the Ministry of Petroleum.

    Applicant then submits 4 hard copies and 4 soft/digital copies (pdf format) of Application Package including maps, spreadsheets etc.

    Ministry of Petroleum (submission of application)

    Receives application with a non-refundable application fee of US$ 10,000 by Bankers’ Draft, and screens application using basic checklist.

    Acknowledges receipt of application

    Sends copies of the Application Packages immediately to GNPC and PC

    Evaluation Committee

    Reviews and evaluates application

    Sends evaluation report with outcome and recommendations to Hon. Minister for his consideration.

    Minister of Petroleum (Decision)

    Take decision on application (s) and advises applicant(s) accordingly

    Government negotiation team

    If application is considered successful, Hon. Minister sets up a negotiation team to negotiate a Petroleum Agreement with the applicant. If the application is unsuccessful, applicant is advised accordingly

    Draft Petroleum Agreement is prepared following successful negotiation.

    Ministerial Consultation

    Ministers from Ministry of Petroleum, Finance, Environment and Justice consult on draft Petroleum Agreement.

    Cabinet

    Minister of Petroleum sends draft Petroleum Agreement to Cabinet for approval

    Cabinet approved draft petroleum Agreement is sent for Parliamentary ratification

    Parliament

    Petroleum Agreement becomes effective on date of ratification

      By: DAVID ADUHENE TANOH-www.reportingoilandgas .com                                                     

     

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