Home Business Six oil exploration blocks up for grabs in Voltaian basin

Six oil exploration blocks up for grabs in Voltaian basin

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With bidding for exploration blocks in the Ghana’s western oil basin possessing shut before this 7 days, preparations are now underway to begin the bidding method for exploration blocks in the Voltaian Basin in the jap portion of the nation.

Most of the blocks that will be obtainable will be onshore, creating a new frontier for Ghana’s emergent upstream oil and gas marketplace which so significantly is fully situated off the shores of the Western area.

So considerably six exploration blocks have been delineated in the Voltaian Basin in which Goldstreet Company can verify that two of them are the East Keta Block and the Onshore/Offshore Keta Delta Block respectively. Nonetheless two of the 6 blocks so much delineated are getting reserved for exploration by the point out owned Ghana Nationwide Petroleum Corporation which aims to have interaction in exploration activities in collaboration with an recognized worldwide oil business with a see to buying the requisite knowledge and encounter to evolve into a main upstream operator by itself about the coming handful of decades.

GNPC has been conducting a 2D seismic study of the Voltaian Basin, which it started in 2018 and expects to comprehensive imminently.

It has now commenced processing the info obtained and in accordance to the company, early assessments have been extraordinarily encouraging, presenting expectations that quicker or later on Ghana will be ready to develop significant oilfields there.

The ongoing details assessment follows a six 12 months reconnaissance programme involving environmental influence assessment, group relations administration, acquisition of 1,700 sq. kilometers of data on a regional scale, and geo-chemical sampling of sub-surface area gasoline.

In truth exploration of the Voltaian Basin has assumed the standing of GNPC’s flagship venture and it has scheduled the drilling of two traditional exploratory wells for 2020.

It is predicted that this will be accompanied at the similar time by the commencement of the bidding procedure for the other four blocks which will be open to bids from each overseas and neighborhood personal exploration and manufacturing companies.

Instructively, GNPC has begun seriously in social tasks in the Volta Region, particularly the provision of educational institutions infrastructure, in a bid to crank out the requisite goodwill from the neighborhood populace in advance of its impending exploration pursuits, which will have a greater impression, in conditions of displacement of host communities, than related activities in the Western Basin which have all been offshore.

But the fast job is to full the allocation process for the 9 exploration blocks becoming bid for in the Western Basin. Authorities hopes to have finished the block allocation method there by the conclude of July this yr and negotiations with winners are scheduled to commence concerning August and October.

Federal government is utilizing a deliberate method of ending with the Western Basin allocations prior to commencing all those in the Voltaian Basin for a cogent rationale.

This is that the space presently has requisite infrastructure which includes two pipelines to the shore, and a few FPSOs (with a fourth in the offing for the impending Pecan oilfield to be operated by Aker Energy).

These belongings could aid the rapid tracking of making fields out of any more discoveries.

The bidding approach is supervised and managed by the Ministry of Energy by means of its committed Licensing Bid Rounds & Negotiations (LBRN) Committee which comprises 23 users drawn from the Ministry alone, GNPC, Environmental Defense Authority, Ghana Income Authority, Ministry of Finance, Attorney General’s Office, Petroleum Commission and the Ghana Maritime Authority. This in line with Segment 56 of the Petroleum (Exploration & Manufacturing) Act 2016, Act 919.





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