Business News of Thu, 18 Jan 201811

ExxonMobil, GNPC sign agreement for deepwater oil exploration

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ExxonMobil Corporation, an American multinational oil and gas company has signed an agreement with the government of Ghana and the Ghana National Petroleum Corporation (GNPC) to acquire exploration and production rights for the Deep Water Cape Three Points (DWCTP) block.

Exploration activities, including acquisition of seismic data and analysis are expected to commence later this year.

The Deep Water Cape Three Points block located 57 miles (92 kilometres) off the coast of Ghana measures approximately 366,000 acres (1482 square kilometres) in water depths ranging from 5,085 feet to 9,350 feet (1,550 metres to 2,850 metres).

Speaking at the signing ceremony on Thursday, January 18 at the Kempinski Hotel Gold Coast City in Accra, the Chief Executive Officer of GNPC, Dr. K.K Sarpong said the petroleum agreement signed signifies a milestone in the growth of the country’s oil and gas industry.

According to him, “partnering with ExxonMobil presents a great opportunity to GNPC to acquire the requisite knowledge to assist it in its journey to become an upstream operator in the future”.

The Vice President of Africa ExxonMobil, Pamela Darwin also indicated how excited her outfit is to partner GNPC and the government of Ghana as they employ their significant upstream experience and technological expertise in assessing the exploration opportunities in the DWCTP block.

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Energy Minister, Boakye Agyarko said the agreement is a testament of the dynamism and commitment of the Akufo-Addo administration to transforming the economic fortunes of the country using the oil industry as a critical catalyst which is the reason they continue to have strategic partnerships with international oil companies.

He further said ExxonMobil’s presence in Ghana offers opportunities for considerable transfer of technological know-how and skills to Ghanaians through the structures provided in the petroleum agreement.

About the agreement

ExxonMobil as operator, holds 80% interest of the exploration agreement whiles GNPC holds 15%.

An indigenous Ghanaian company with 5% interest is expected to get signed onto the agreement before it is ratified by parliament for implementation.

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