The Parliament of the Republic of Ghana has ratified a petroleum agreement between the country's government and a consortium of exploration companies to explore and operate the South Deepwater Tano Block, offshore Ghana, Minexco Petroleum reported Monday.
The ratification of the agreement means the consortium – which consists of Ghana National Petroleum Corporation, GNPC Exploration and Production Company Limited and AGM Petroleum Ghana Limited – now has the exclusive right to carry out all petroleum exploration, development and production activities within the block.
The 1,340-square mile South Deepwater Tano Block is located in the deep to ultra-deep water part of the Tano basin in water depth ranging from 6,560 feet to 11,480 feet. It is in close proximity to the Hess-operated Deepwater Tano/Cape Three Points block, where seven discoveries have been made, and the Vanco/Lukoil-held Deepwater Cape Three Points block, which contains a discovery,
AGM Petroleum Ghana Limited is a jointly owned by Minexco, AGR Energy AS and MED
AGM Petroleum Chairman Sverre Skogen commented in a company statement:
"The approval of the South Deepwater Tano Block Petroleum Agreement by the Parliament of Ghana marks a major milestone for AGM Petroleum and its partners. We look forward to working closely with GNPC to realize the potential of the block.
"The SDWT block represents an important opportunity for the people of Ghana and Corporate Social Responsibility will underpin the way we conduct our business. We are committed to partnering with our communities to improve their quality of life. We now look forward to bringing our collective experience in deep water exploration and moving forward with a plan to fulfill the agreed work program."
In a separate statement, Minexco Acting Chief Executive Dr Martin Keeley added:
“We are very appreciative of the endorsement AGM Petroleum has received from the President of the Republic of Ghana, John Dramani Mahama, his Cabinet and now from the Members of Parliament, to explore and operate the SDWT block. We look forward to building upon our relationship."
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