Home Business Power Ministry announces outcomes of oil blocks to start with licensing bidding

Power Ministry announces outcomes of oil blocks to start with licensing bidding

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The Ministry of Energy Friday introduced the winners for two oil blocks immediately after evaluating the bids in Ghana’s initial licensing rounds.

The two oil blocks are GH_WB_02 and GH_WB_02.

In accordance to the Ministry, “First Exploration and Petroleum Growth Firm Restricted in partnership with Elandel Energy (Ghana) Confined emerged winners of block GH_WB_02. Eni Ghana Exploration and Production Confined in partnership with Vitol Upstream Tano Constrained emerged winners of block GH_WB_03.”

“The Authorities of Ghana has for that reason invited them for negotiation on the in-depth phrases of the Petroleum Arrangement pursuant to Regulation 18 of the General Petroleum Laws, 2018 LI 2359 for blocks GH_WB_02 and GH_02 GH_WB_03 respectively,” a assertion from the Energy Ministry reported.

A total of 60 apps have been at first been given, but two ended up invalidated as they had been for a block reserved for Ghana National Petroleum Corporation.

Ghana currently creates 200,000 barrels of oil for each working day (bpd), with the Jubilee industry developing about 100,000 bpd.

ExxonMobil and British Petroleum (BP) earlier pulled out from the bidding system.

The two Intercontinental Oil Companies (IOCs) experienced previously submitted programs for direct negotiations for block 5&6, but had to pull out at the very last moment. It is not very clear yet why the two multinational corporations made the decision to pull out at the past moment.





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