Ghana’s Energy Ministry Begins Negotiations With Oil Block Winners

Last updated on September 11th, 2021 at 03:23 pm

Government of Ghana, through the Ministry of Energy, has begun negotiations with the two companies that recently won blocks GH_WB_02 and GH_WB_03 located in the Deepwater Cape Three Points in the Western Basin.

First Exploration and Petroleum Development Company, in partnership with Elandel Energy (Ghana), won block GH_WB_02 while ENI Ghana Exploration and Production Limited, in partnership with Vitol Upstream Tano Limited, emerged winner of block GH_WB_03 during the maiden licensing bid rounds.

The ongoing negotiations with the two companies on the detailed terms of the Petroleum Agreement is pursuant to Regulation 18 of the General Petroleum Regulations 2018 LI 2359.

It is understood that after the successful negotiations, the government would go ahead and award contracts to the two companies to begin the development of the two blocks.

The West African country, early this year, earmarked about six oil blocks for exploration. Three of the blocks-2, 3 and 4-were to go through a competitive bidding process, while two blocks-5 and 6-were supposed to be direct negotiations. Block 1 was reserved for the Ghana National Petroleum Corporation (GNPC).