Western Basin oil blocks: Government will be fair in bidding process – Amewu assures investors

Business News of Saturday, 10 November 2018

Source: Myjoyonline.com

2018-11-10

Energy Minister, John Peter Amewu

Energy Minister John Peter Amewu has assured that government would be fair in determining which oil companies are granted exploration rights for the six oil blocks in the Western Basin.

Addressing a well-patronized roadshow in Cape Town, South Africa at the climax of the Africa Oil Week, he said government was ready to do business with any oil company irrespective of location.

Mr. Amewu, however, said government would not renege on its local content agenda.

He said government expects the companies that will win the tenders to explore for oil and gas in Ghana to quickly align themselves with some of the strategic goals in building the capacities of the country.

“I would also like to remind you that it is legally mandatory to partner with indigenous Ghanaian companies to undertake petroleum activities in our country. It is therefore important to study our local content regulations and standards far in advance to ensure alignment with our local requirements”, Mr. Amewu said in his speech.

The Western Basin

The launch of the exploration rights is aimed at making Ghana a leading producer of oil and gas.

President Akufo-Addo in October 2018 launched the country’s first oil and gas exploration licensing.

Six blocks ranging in size from 1,000 square kilometres are in the highly prospective Western Basin.

Two of the blocks are ultra-deep-water, at 3,000m+ and they carry 2D and 3D seismic data from the period of 2000–2013.

Blocks 2, 3 and 4 are open for bidding and deep water blocks 5 and 6 are to be allocated through direct negotiations.

Stable democracy and business-friendly environment

CEO of the Petroleum Commission, the regulator of the upstream sector, Egbert Faibille touted Ghana’s stable democracy and business-friendly environment as he addressed potential investors at the bidding round.

“We also through our regulatory framework ensure there is a conducive socio-political environment that provides limitless upstream opportunities in a dynamic and steadily advancing economy. Ghana continues to be the most attractive destination for upstream investments in West Africa”, Mr. Faibille told potential investors.

International oil companies with interest are expected to make submissions by end of November while local companies will be pre-qualified for participation in December 2018.

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