8 November 2018

Ghana: Govt Endorses Mobil-Goil Partnership

Government has approved Ghana Oil Company (GOIL) as minority local partner for Exxon Mobil's deepwater offshore oilfield, Energy Minister Peter Amewu said yesterday.

Ghana is receiving "huge interest" from international and local oil companies after the government launched its first bidding rounds for offshore blocks last month, Mr Amewu told Reuters.

Exxon Mobil signed a deal with Ghana in January for exploration at the oilfield after direct negotiations without an open tender because of the nature of the field, where the depth ranges from 2,000 to 4,000 metres, the government said.

The U.S. oil major is lead operator with 80 per cent interest in the field, while Ghana National Petroleum Corporation holds 15 per cent. The deal required a local partner to own the remaining 5 per cent.

Exxon named GOIL as the partner about two weeks ago and the government has given the consent it needed at the ministerial level, Mr Amewu said.

The deal still requires parliamentary approval.

Last month the government launched its first bidding rounds to award six blocks this year and another three in 2019 through a mix of open tenders and direct negotiations.

"The interest that has been shown so far is huge and it is interesting to know that a number of international oil companies and national oil companies have all shown interest in our licensing round," Mr Amewu said.

Ghana, which also exports cocoa and gold, produces around 200,000 barrels of oil per day from three fields.


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