Eni Finds Commercial Oil At Sankofa

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• Benny 12 years ago

  WE hear oil discovery here and there. Where are these money go. Tell us

  WE hear oil discovery here and there. Where are these money go. Tell us

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• GJD 12 years ago

  See my comment below on 10%.
  
  In current exploration deals GNPC takes 49% and the oil companies take 51%. But that 51% is subject to a 15% royalty tax, and profits are taxed on a sliding scale starting at 35% and increasing ...
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  See my comment below on 10%.
  
  In current exploration deals GNPC takes 49% and the oil companies take 51%. But that 51% is subject to a 15% royalty tax, and profits are taxed on a sliding scale starting at 35% and increasing to perhaps 70% total. So depending on the size of the field, Ghana gets 51% of the oil and the oil companies pay taxes of 15% royalty and 35% profits on their share. Trust me, Ghana is getting a reasonable deal and so are the oil companies.

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• SYDNEY 12 years ago

  THANK U KUFFUOR FOR UR FORESIGHT IN HANDING OVER THE BUSINESS OF COMMERCIAL OIL EXPLORATI0N TO FOREIGN MEGA INVESTORS WITH THE NECESSARY RESOURCES TO REACH THE OIL FOR THE BENEFIT OF GHANA AND INVESTORS ALIKE.............DESP ...
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  THANK U KUFFUOR FOR UR FORESIGHT IN HANDING OVER THE BUSINESS OF COMMERCIAL OIL EXPLORATI0N TO FOREIGN MEGA INVESTORS WITH THE NECESSARY RESOURCES TO REACH THE OIL FOR THE BENEFIT OF GHANA AND INVESTORS ALIKE.............DESPITE KUFFUORS SHORTFALLS THIS FORESIGHT WUD NEVER HAVE MATERIALIZED UNDER NDC BCOS THEY SIMPLY LACK BUSINESS ACUMEN...ALL THEY KNOW IS AKANISTIC-BASHING AND MEGA GREED AND JEALOUSIES AND HOLIER-THAN-THOU ATTITUDE.....

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• Michael 12 years ago

  But the NDC setup the GNPC and bought a Rig and Kuffour sold it

  But the NDC setup the GNPC and bought a Rig and Kuffour sold it

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• The wailer 12 years ago

  I AM WARNING MY DEAR GHANA ABOUT THIS SO-CALLED ITALIANS ENI.THE WHOLE EUROPE NO COUNTRY HATE AFRICANS LIKE ITALIANS,IT'S BETTER TO GIVE THE CHANCE TALIBAN THAN ITALIANS.IF YOU WORK FOR THEM THEY WOULD PAY YOU.

  I AM WARNING MY DEAR GHANA ABOUT THIS SO-CALLED ITALIANS ENI.THE WHOLE EUROPE NO COUNTRY HATE AFRICANS LIKE ITALIANS,IT'S BETTER TO GIVE THE CHANCE TALIBAN THAN ITALIANS.IF YOU WORK FOR THEM THEY WOULD PAY YOU.

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• Krakye 12 years ago

  Eni is operator of the block with a 47.22 percent slice while Vitol holds 37.78 percent and GNPC the remaining 15 percent with an option to grab 5 percent more.
  
  NDC MADE A LOT OF NOISE ON WHAT GHANA GOT IN THE FIRST DISCOV ...
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  Eni is operator of the block with a 47.22 percent slice while Vitol holds 37.78 percent and GNPC the remaining 15 percent with an option to grab 5 percent more.
  
  NDC MADE A LOT OF NOISE ON WHAT GHANA GOT IN THE FIRST DISCOVERY; NOW LOOK WHAT PERCENTAGE YOU'VE GIVEN THE FOREIGNERS??
  
  EVEN IF WEE DON'T HAVE THE TECHNICAL KNOW HOW, WE CAN CO-OPERATE WITH A RELIABLE COUNTRY SO THAT WE GET MORE.

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• tinkalo 12 years ago

  Stale News. Asem dada from sleeping journalists

  Stale News. Asem dada from sleeping journalists

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• KANAWU (U.S) 12 years ago

  EACH AND EVERYDAY I HEAR A DIFFERENT COMPANY DISCOVERING OIL. HOW MANY COMPANIES ARE DRILLING? DOES IS TAKE MANY COMPANIES TO MAKE GHANA RICH? WON'T THERE BE DUPLICATION, SPILAGE ETC? HOW MANY DRILLING COMPANIES DO WE HAVE IN ...
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  EACH AND EVERYDAY I HEAR A DIFFERENT COMPANY DISCOVERING OIL. HOW MANY COMPANIES ARE DRILLING? DOES IS TAKE MANY COMPANIES TO MAKE GHANA RICH? WON'T THERE BE DUPLICATION, SPILAGE ETC? HOW MANY DRILLING COMPANIES DO WE HAVE IN SAUDI ARABIA, THE LEADING OIL PRODUCING COUNTRY?
  SOMEONE SHOULD ADVISE ME, DOES IT THAT MANY OIL DRILLERS TO MAKE GHANA RICH?

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• GJD 12 years ago

  About 20 oil companies are active in Ghana. It takes many companies because it is very expensive and sometimes exploration wells are dry. So companies group together to spread the risk and share costs. Yes it does take that m ...
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  About 20 oil companies are active in Ghana. It takes many companies because it is very expensive and sometimes exploration wells are dry. So companies group together to spread the risk and share costs. Yes it does take that many companies to find the oil for Ghana.

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• Sankofa 12 years ago

  The more oil we discover, mthe less accrues to our people.
  
  Foreigners are taking the overwhelming share of our resources.
  
  How can it be right that our national oil company is a minority shareholder in this oilfield? How ...
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  The more oil we discover, mthe less accrues to our people.
  
  Foreigners are taking the overwhelming share of our resources.
  
  How can it be right that our national oil company is a minority shareholder in this oilfield? How can we be in this joint venture if we continue to get less than one-fifth of a our own resource?
  
  It is time we built the capacity of GNPC to extract and market oil on its own, rather than depend on foreign companes who are only here to make massive profits.
  
  Let us wake up!!

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• ABRANTIE GYASI 12 years ago

  We need national debate on TV about how our natural resources, are being taking away by foreigners, while politicians and those voted to be in charge, are looking on sheepishly.

  We need national debate on TV about how our natural resources, are being taking away by foreigners, while politicians and those voted to be in charge, are looking on sheepishly.

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• GJD 12 years ago

  GNPC has a 10% carried interest in the first well, but they have the option to take another 5% interest if the project looks profitable. Now it is extremely expensive to develop these fields: drilling and completing the wells ...
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  GNPC has a 10% carried interest in the first well, but they have the option to take another 5% interest if the project looks profitable. Now it is extremely expensive to develop these fields: drilling and completing the wells (maybe $90 million each), a subsea wellhead on each well ($30 million each) the cost of the seismic ($10 million), the cost of the pipeline to shore ($100M)for the gas, the cost of a giant ship called an FPSO to handle the oil($3 Billion). So we are talking several $Billion to be recovered before anyone sees any profit. Assuming there is a profit then ENI has to pay 35% income tax on each dollar of profit. So now about half the money from the fields will flow to Ghana. In the case where there is a big profit like at Jubilee, because its so big, the government can raise the tax rate till about 75% of the profits from the oil will flow to Ghana. You can look this up on the Ghanagas website, where the Petroleum Agreements made between Ghana and the companies are available online.

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• GJD 12 years ago

  The oil companies have to pay a royalty tax of 3% to 5% on gas and 15% on oil, in addition to the above taxes. Thank you.

  The oil companies have to pay a royalty tax of 3% to 5% on gas and 15% on oil, in addition to the above taxes. Thank you.

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