Business News Thu, 18 Jan 2018

GNPC boss hints of more deals with China National Petroleum Corporation

Chief Executive Officer of Ghana National Petroleum Corporation, Dr. K.K Sarpong says his company is looking forward to partner other oil giants like the China National Petroleum Corporation (CNPC) and Aker Solutions, a Norwegian oil services company as it did with ExxonMobil.

This he said will ensure GNPC achieve its dream of becoming a technical operator in the oil sector in the near future.

“Well, I’m looking at China National Petroleum Company, a big one. I’m looking at Aker in Norway where you get a very good standard ethical behaviour, and they are all lined up and very soon we will be announcing them”, he said.

The Ghana National Petroleum Corporation and ExxonMobil today, January 18 signed a deal 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 to the media after the event, Dr. K.K Sarpong said his outfit is privileged to work with oil giant, ExxonMobil as they learn from their industry leader.

He said, “Upstream extraction of petroleum hydrocarbons is a very technical venture, not all companies have it. You need experience, well-exposed people with money to come in and in this particular instance you are dealing with the world leader, the best comes from ExxonMobil and to even attract them to this country is a significant step”.

He further indicated that GNPC certainly will take advantage of the situation and the opportunity they have working with ExxonMobil to make sure the company enjoys the benefits that come with the partnership.

“I must add that at GNPC, we are driving ourselves to become a technical operator in the near future and it’s important that we partner with those who have what it takes to bring the oil out so that in the process we can learn and also be in that situation where we can operate,” he added.

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.

Source: www.ghanaweb.com
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