PETROLEUM AGREEMENTS

INTRODUCTION:

This report presents the key elements of the current Petroleum Agreements executed among Government of Ghana, Ghana National Petroleum Corporation (GNPC) and various companies for petroleum exploration and production rights in Ghana.

Twelve (12) acreages were awarded to ten (10) oil and gas companies between 2002 and 2008.  Most of the Agreements are running on schedule.  The Agreements are identified below by their operators as follows:

1.            Kosmos Energy Ghana HC (Kosmos), over the Deepwater West Cape Three Points block;

2.            Tullow Ghana Limited (Tullow), over the Shallow Water Tano Fields including the discovered North and South Tano Fields; and the West Tano Heavy Oil discovery;

3.            Tullow Ghana Limited, over the Deepwater Tano Basin;     

4.            Vitol Upstream Ghana Limited (Vitol - formerly Heliconia Energy Ghana Limited), over the Offshore Cape Three Points area, east of the Kosmos acreage;

5.            Vitol Upstream Ghana Limited (formerly Heliconia Energy Ghana Limited), over the South Cape Three Points acreage;

6.            Hess Ghana Limited (Hess) – (formerly Amerada Hess Ghana Limited), over Deepwater Tano Cape Three Points (south of the Tullow and Kosmos blocks);

7.            Vanco Ghana Ltd. (Vanco), over the Cape Three Points Deepwater block;  

8.            Aker ASA over South Deepwater Tano contract Area. This is the western part the area relinquished by Vanco;

9.            Gasop Oil (Ghana) Limited, over Deepwater Saltpond Basin;

10.        Saltpond Offshore Producing Company Limited, over the existing Saltpond Field;

11.        Oranto Petroleum International Limited, over the Saltpond area;  

12.        Afren Energy Ghana Ltd., over the deepwater Keta Basin (Afren took over the Devon block).

With the discovery of the Jubilee Field in June 2007, Ghana’s sedimentary basins have been de-risked and become more attractive to investors.  This has enabled the Government and GNPC to ask for improved fiscal terms which are reflected in the recent Petroleum Agreements.

Tables PA1-6 included in this report provide information on key elements, including Work Programme of these oil companies.

Table PA1-6 summaries the key elements of the existing Petroleum Agreements.

 
Deepwater Tano Block - Tullow

Offshore Cape Three Point - Vitol

South Cape Three Point - Vitol

Offshore Keta Basin - Afren

Offshore Saltpond Basin - Oranto

Offshore Saltpond Basin - Gasop

Saltpond Fields -SOPCL

South Tano -Aker ASA

Tano Shallow Water - Tullow

Deepwater Tano - Hess Corp

West Cape Three Point - Kosmos