Home Business ExxonMobil, BP withdraw from bidding for oil blocks

ExxonMobil, BP withdraw from bidding for oil blocks


US oil giant, ExxonMobil and British Petroleum (BP) have pulled out from bidding for oil blocks in Ghana, in the ongoing Licensing Bid Spherical.

The two Intercontinental Oil Businesses (IOCs) had before submitted programs for direct negotiations for block 5&6, but pulled out at the embers. It is not clear nonetheless why the two multinational businesses determined to pull out at the last minute.

The governing administration, via the Vitality Ministry, earmarked 6 oil blocks for exploration.

A few of the blocks-2, 3 and 4-were being to go by means of aggressive bidding process although two blocks-5 and 6-were being meant to be for direct negotiations.

1 of the block was reserved for Ghana Countrywide Petroleum Corporation (GNPC).

The deadline for the submission of bids for the blocks elapsed at 3pm today, May perhaps 21, 2019.

On the other hand, at about 15:15 GMT Tuesday, when the bids were being opened in the presence of pressmen and associates of some of the corporations which have been pre-certified, ExxonMobil and British Petroleum were being lacking from the race.

Chief Director at the Ministry of Energy Lawrence Apaalse, instructed the push that the Ministry received information and facts from the two businesses, requesting immediate negotiations for blocks 5 and 6 that they ended up no longer intrigued in the blocks.

Meanwhile, ENI and Vitol, as nicely as Tullow Ghana Confined, submitted bids for block 3 with First E&P submitting bid for block 2.

However, there was no bid for block 4Interestingly, the ministry received about sixteen programs for direct negotiations.

The primary pool of providers that put in a bid for the 3 oil blocks include China Countrywide Offshore Oil Corporation (CNOOC), Cairn Electricity, Qatar Petroleum, World Petroleum Team, Initial E&P, Sasol, Equinor and Harmony Oil and Gas Corporation.

The relaxation consist of ExxonMobil, British Petroleum, Tullow Ghana Limited, Overall, ENI Ghana, Vitol, Kosmos Vitality and Aker Energy.

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