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.
- Individuals without Ghana Card exempted from ongoing SIM deactivation – NCA
- Our economy will possibly go into recession – Banking Consultant
- Boxing referee admits he cheated for Manny Pacquiao during win in 2000
- Martin Kpebu commends Judge for rejecting Ato Essien’s settlement with state
- Burkina Faso junta leader confirms fresh coup attempt
- Government frustrated over Organised Labour’s rejection of 18% salary increment
- Manhyia hospital nurses embark on indefinite strike action over NSS director’s abuse
- NDC demands immediate release of arrested party fan
- We won’t approve 2023 budget if sector ministers don’t appear in Parliament – Minority
- World Cup 2022: Ghana aim for revenge against Uruguay for 2010 exit
- Russian invasion must not succeed – Archbishop
- Akufo-Addo urges farmers to support fight against galamsey
- 2022 World Cup: Baba Rahman, Alidu Seidu return to Ghana’s starting XI to face Uruguay
- Ukraine war: Russia demands annexations recognised before talks
- Manwerehene pleads with striking Manhyia hospital nurses to return to post
- ADB Plc appoints Alhassan Yakubu-Tali as Managing Director
- Rev. Obed Danquah: Agriculture, whose business?
- NACOC officials seize US$1.4m worth of suspected narcotic drugs
- Petrol tanker accident: Residents scramble for fuel
- ‘Squid Game’ actor indicted over indecent assault charges
- We’ve not imposed levies on luxury vehicles -GRA
- Don’t pass expenditure lines in 2023 Budget – Tax Justice to Parliament
- NHIS to provide funding support for children with kidney disease – Bawumia
- Australia parliament rape retrial abandoned
- Kudus Mohammed: The heart of a Black Star