The Parliament of the Republic of Ghana has ratified the Petroleum Agreement among the Government of Ghana, Ghana National Petroleum Corporation (GNPC), GNPC Exploration and Production Company Limited (Explorco) and AGM Petroleum Ghana Limited (AGM), to explore and operate the South Deepwater Tano Block (SDWT), offshore Ghana.
AGM is owned by a Consortium comprising Minexco (OGG) Inc., AGR Energy AS and Med Songhai Development Ltd.
The ratification followed the approval of the Agreement by the Cabinet of the Government of Ghana and a review by the Parliamentary Select Committee on Mines, Energy and Petroleum.
The ratification grants the parties involved the exclusive right and authority to carry out all petroleum exploration, development and production activities in the South Deepwater Tano Block. The SDWT Block of 3,482 km2 is located in deep to ultra-deep water part of the Tano basin, with water depth ranging from 2,000m to about 3,500m. It is in close proximity to the Hess-operated Deepwater Tano – Cape Three Points block, where seven discoveries have been made, and the Vanco/Lukoil Deepwater Cape Three Points block, which has a discovery.
Press Release, January 27, 2014; Image: Tullow