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Business News of Sunday, 23 December 2018

Source: Michael Cregg Afful

Sixteen oil giants submits sixty applications for five oil blocks

Ghana’s Ministry of Energy has disclosed that it has received sixty applications from sixteen companies with proven track records expressing interest for the five Oil Blocks in the Western Basin following the launch of the maiden licensing round bid.

Three of the Blocks are going for competitive bidding and they are GH_WB_02, GH_WB_03 and GH_WB_04, while the remaining two (GH_WB_05 and GH_WB_06) are also going for direct negotiations.

“Companies that expressed interest are Tullow Oil, Total, ENI, Cairn, Harmony Oil and Gas Corporation, ExxonMobil, CNOOC, Qatar Petroleum, BP, Vitol, Global Petroleum Group, Aker Energy, First E&P, Kosmos, Sasol and Equinor,” a statement from the Communications and Public Affairs Department of the Ministry of Energy indicated.

The statement noted that two of the applications were invalidated as they were for Block GH_WB_01 which has been reserved for the Ghana National Petroleum Corporation (GNPC).

“In line with this, fifty eight (58) valid applications will be considered for the next stage of the process,” the statement said.

The Deputy Minister for Energy in-charge of Petroleum, Dr. Mohammed Amin Adam, who observed the opening of the sealed expressions of interest, stressed that “The high level of interest shown by major International Oil Companies in our first licensing round is a vote of confidence in the Ghanaian economy under the leadership of President Nana Addo Dankwa Akufo-Addo.”

“Government is determined to use a transparent process as specified by law to shortlist companies that have the capacity and will qualify based on prescribed criteria.” Dr. Amin said.

The Ministry assured interested parties that whoever is selected would be a true partner to Ghana.

“We will collaborate and partner with them to explore and exploit the resource for our mutual benefit and most importantly the benefit of the Ghanaian people” said Mr. Lawrence Apaalse, Chairman of the Licensing Round Committee.

The exercise was also observed by the Ghana Oil and Gas for Inclusive Growth (GOGIC), which convenes civil society organizations working in the oil and gas sector.

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