Business NewsLocal News

GNPC acquires 7% Commercial Interest in Jubilee and TEN blocks from Occidental Petroleum

Listen to this Article Now
Spread the love

The Ghana National Petroleum Corporation (GNPC) has declared the procurement of 7% Commercial Interest in both the Jubilee and TEN squares, from Occidental Petroleum at a buy cost of $199 million, with impact from first, April 2021.

This is in accordance with GNPC and Government’s technique of expanding its taking part stakes in feasible oil blocks going ahead.

The procurement adds to GNPC’s current Carried and Participating Interest of 13.64% in the Jubilee Field, and the 15% in the TEN Field.

In an assertion, the GNPC said the interests gained will be moved to GNPC’s auxiliary, the GNPC Exploration and Production Company.

With this procurement GNPC Explorco will turn out to be essential for the project worker bunch for the two squares, along with Tullow, Petro SA and Kosmos (who likewise purchased extra interest in the two squares).

Remarking on the obtaining, the Chief Executive of GNPC, Dr Kofi Koduah Sarpong said “this securing is of monstrous advantage to GNPC as it permits GNPC Explorco to begin creating capital for its exercises. There is likewise an obligation discount in abundance of USD30 million from KOSMOS Energy. Kosmos Energy has likewise consented to prepare GNPC specialized staff on the side of GNPC’s mission to fabricate administrator limit”.

GNPC is Ghana’s public oil organization, with the order to embrace investigation, advancement, creation, and the removal of oil.