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Energy Ministry announces results of oil blocks first licensing bidding

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Energy Ministry announces results of oil blocks first licensing bidding by : 6:59 am On July 3, 2019

The Ministry of Energy Friday announced the winners for two oil blocks after evaluating the bids in Ghana’s first licensing rounds.

The two oil blocks are GH_WB_02 and GH_WB_02.

According to the Ministry, “First Exploration and Petroleum Development Company Limited in partnership with Elandel Energy (Ghana) Limited emerged winners of block GH_WB_02. Eni Ghana Exploration and Production Limited in partnership with Vitol Upstream Tano Limited emerged winners of block GH_WB_03.”

“The Government of Ghana has therefore invited them for negotiation on the detailed terms of the Petroleum Agreement pursuant to Regulation 18 of the General Petroleum Regulations, 2018 LI 2359 for blocks GH_WB_02 and GH_02 GH_WB_03 respectively,” a statement from the Energy Ministry said.

A total of 60 applications were initially received, but two were invalidated as they were for a block reserved for Ghana National Petroleum Corporation.

Ghana currently produces 200,000 barrels of oil per day (bpd), with the Jubilee field producing about 100,000 bpd. ExxonMobil and British Petroleum (BP) earlier pulled out from the bidding process.

The two International Oil Companies (IOCs) had earlier submitted applications for direct negotiations for block 5&6, but had to pull out at the last minute. It is not clear yet why the two multinational companies decided to pull out at the last minute.

 

Source; myjoyonline

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Free SHS should not solely be funded with petroleum revenue – PIAC / Cocoa producers and buyers fail to agree on US$2,600 floor price / 25% of Ghanaians earn GH¢400 or less – SSNIT explains low pensions / Nigerian traders have special trading skills, deportation not answer – Kumasi Tycoon / UK urged to help revive defunct Kumasi factories /

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