The Ghana National Petroleum Corporation (GNPC) has announced the acquisition of 7% Commercial Interest in both the Jubilee and TEN blocks, from Occidental Petroleum for a purchase price of $199 million, with effect from 1st, April 2021.
This is in line with GNPC and Government’s strategy of increasing its participating stakes in viable oil blocks going forward.
The acquisition adds to GNPC’s existing Carried and Participating Interest of 13.64% in the Jubilee Field, and the 15% in the TEN Field.
In a statement, the GNPC said the interests acquired will be transferred to GNPC’s subsidiary, the GNPC Exploration and Production Company.
With this acquisition GNPC Explorco will become part of the contractor group for the two blocks, together with Tullow, Petro SA and Kosmos (who also bought additional interest in the two blocks).
Commenting on the acquisition, the Chief Executive of GNPC, Dr Kofi Koduah Sarpong said “this acquisition is of immense benefit to GNPC as it allows GNPC Explorco to start generating cashflow for its activities. There is also a debt write-off in excess of USD30 million from KOSMOS Energy. Kosmos Energy has also agreed to train GNPC technical staff in support of GNPC’s quest to build operator capacity”.
GNPC is Ghana’s national oil company, with the mandate to undertake exploration, development, production, and the disposal of petroleum.
Latest Stories
-
About 95% of PWDs in Obuasi have source of livelihood – MCE
6 mins -
Immigration Service intercepts 54 gallons of fuel
8 mins -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
17 mins -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
20 mins -
Alan to combat galamsey with strategic youth-centred business model
24 mins -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
37 mins -
Sunyani Traditional Council endorses Bawumia – NAPO government
40 mins -
Adutwum defends double track in Free SHS, citing research and positive outcomes
45 mins -
‘Prevent and condemn illegal pressure on Judiciary’ – AG to GBA
49 mins -
Mahama alleges biased development allocation by NPP
51 mins -
Do not rely solely on foreign investments for your operations, business told
55 mins -
Boeing strike ends as workers accept new contract
2 hours -
GAF will not relent in its quest to counter external threats – GOC Southern Command
2 hours -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
2 hours -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
2 hours