The Minister of Energy is expected to announce the winners for the bids of the country’s oil blocks by the end of August 2019 after a final validation. 

In all, 60 applications were received from 16 companies including, Exxon Mobil, Tullow Oil, Aker Energy among others.

According to the Committee, two applications were invalidated because the block has been reserved for the Ghana National Petroleum Corporation (GNPC).

Addressing a press conference in Accra, Minister of Energy, John Peter Amewu disclosed that the interest expressed by some of the major players in the process speaks volumes about the confidence in the country’s economy.

“The interest expressed by some of the major players in the oil and gas sector worldwide in this licensing round speaks volumes about the confidence the global community have in our economy,” he noted.

Chairman of the Licensing Bidding Round Committee, Lawrence Apaalse has expressed optimism that with the interest of these companies, exploration works are likely to begin before the end of 2019.

“After we announce the winner on August 31, parliament will ratify then work begins immediately. With the kind of interest some of these companies have expressed so far, I’m confident that they will start work by the end of this year 2019,” he said.

43 out of the application which is about 74 per cent were interested in competitive bidding whiles 15 are applying for direct negotiation.

Meanwhile, the two firms that have been invalidated will have an opportunity to discuss a partnership deal with the GNPC.