Audio By Carbonatix
AGM Petroleum Ghana Limited (AGM) and its owners have decided to relinquish the South Deep Water Tano (SDWT) block after carefully considering all options.
AGM has carried out substantial activity in Ghana and contributed through drilling two ultra deepwater wells including the Nyankom discovery, and matured the subsurface understanding to the benefit of the Ghanaian authorities and other industry players. Further, AGM has carried out CSR investments and fullfilled all of the obligations under the petroleum agreement.
The SDWT block is situated in ultra deep waters with substantial investments required to proceed. A relinquishment conclusion is a normal conclusion for exploration blocks like SDWT, and the petroleum regime in Ghana presumes that the Operator has to decide to drill or drop at specific times during the exploration period.
AGM is an independent company and the decision has no implication for Aker Energy’s plans in Ghana.
Latest Stories
-
NPP deploys regional heavyweights to oversee polling station and electoral area polls
24 minutes -
Akufo-Addo to lead ECOWAS election observers for Benin’s high-stakes presidential transition
30 minutes -
Callistus Mahama writes on slavery reparation: ‘We cannot confuse participation with responsibility’
1 hour -
‘The gravest crime against humanity’: What does the UN vote on slavery mean?
2 hours -
Catholic Bishops back Mahama after US university rescinds honorary degree over LGBTQ stance
2 hours -
Ablakwa expresses disappointment over US ‘no’ vote on the UN Slavery Resolution
3 hours -
Luxury watches and cash theft: Joy Sports Editor Fentuo details what happened at the Black Stars camp before the Austria game
4 hours -
India grants ‘penalty-free’ exit window for overstayed Ghanaian nationals
4 hours -
Panic selling sweeps GSE: Market cap sheds GH¢44billion in two days
4 hours -
This Saturday on Prime Insight: Experts to probe slavery and next NDC flagbearer
4 hours -
This Saturday on Newsfile: ‘No-bed syndrome’ and sole-sourcing under the lens
4 hours -
Amid steep sell-off, GSE posts fourth consecutive decline
5 hours -
ZEN Petroleum to list on GSE after securing fully subscribed IPO
5 hours -
Only 14% of the world’s cities breathed safe air in 2025, new global report finds
5 hours -
Ghana’s air quality improves for the first time since 2021; country places 11th in Africa – IQAir 2025 report
5 hours