Business News of Wednesday, 16 May 2018

Source: classfmonline.com

Ghana’s oil blocs opened for competitive bidding

Boakye Oil play videoMinister for Energy, Boakye Agyarko

The Energy Ministry has inaugurated the Licensing Bid Evaluation and Negotiation Committee to oversee and superintend the open competitive bidding process of Ghana’s oil blocs to exploration companies.

Energy Minister Boakye Agyarko has tasked the committee to play an advisory role to the ministry as far as oil agreements with potential investors are concerned, after having assessed those prospective investors.

In the past, oil blocs were awarded to investors for exploration without any open competitive bidding process.

Mr Agyarko told journalists on Wednesday, 16 May that: “The terms of reference for the committee are: To prepare all the necessary documentation for a successful bid round, assess and package all the data on the acreages, set up an online data room where all the data can be accessed by prospective bidders, and embark on promotions and roadshows in collaboration with the Petroleum Commission”.

The committee, he said, “will also carry out pre-qualification of applicants in line with applicable regulations”, and “evaluate qualified bids and select winners in line with a transparent criteria”.

He said the committee will finally “negotiate with the winners of the bids and provide recommendations to the minister for signing the petroleum agreement”.