Business News of 2014-02-13

AGM Petroleum commences exploration in Tano Basin

AGM Petroleum, an African-focused private oil and gas exploration company, has opened a permanent office in Accra as it commences the exploration of its South Deep Water Tano (SDWT) prospect.

The office is expected to serve as the operational centre for AGM Petroleum’s activities in Ghana and West Africa.

AGM Petroleum is owned by a Consortium, AGR Gibraltar, comprising of Minexco (OGG) Inc. (“Minexco”), AGR Energy AS (“AGR”) and MED Songhai Developers Limited.

The company brings specific technical capabilities in offshore well engineering, which will be integral to the development of the future drilling programme in the country’s offshore oil exploration activities.

Mr. Martin Keeley, the Chief Executive Officer of Minexco Petroleum, said: “as Minexco works closely with GNPC to take an increasingly active role in the development of the country’s natural resources through the training of local talent, we will collectively contribute to the development of Ghana as a hub for the fast growing African offshore energy and petroleum sector. We view this model of cooperation as a template for future projects on the continent and abroad.”

“The launch of this next phase of analysis and planning further solidifies the cooperation between the operational and technical teams of Minexco, AGR Energy and GNPC to bring this exciting prospect to production,” Mr. Keeley said.

There are more than a dozen registered oil and gas extraction companies operating in the country. Tullow Oil and Kosmos Energy are among the top companies engaged in the oil and gas sector in Ghana.

Source: B&FT
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