Ghana scores 70 percent on its first oil bid & licensing

Ghana has been scored 70 percent on how it handled its maiden licensing bid for six oil blocks it offered to investors.

In a latest report by the Civil Society Licensing Round Monitoring group, the seventy percent mark was described as satisfactory.

The release assessed the government’s handling of the licensing bid round in four thematic areas namely: Procedural requirements on competitive bidding, Direct negotiations, Compliance with calendar of events under bidding round and Public engagements.

The procedural requirements on competitive bidding scored 70 percent compliance with calendar of events under bidding round was rated 80 percent.

On the other hand, direct negotiation and public engagements scored 55 percent and 50 percent respectively.

The entire process cumulatively scored 70 percent, which is interpreted as satisfactory on the adopted grading scheme.

President Nana Addo Dankwa Akufo-Addo, in October 2018, launched the country’s first oil and gas exploration licensing round.

The Energy Ministry subsequently earmarked six oil blocks for exploration.

Three of the blocks-2, 3 and 4-were to go through competitive bidding process while two blocks-5 and 6-were supposed to be for direct negotiations.

One of the blocks was reserved for Ghana National Petroleum Corporation (GNPC).