Ghana Inaugurates Committee to Oversee Bidding Process for New Oil Blocs

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Ghana’s Ministry of Energy has inaugurated a Licensing Bid Evaluation and Negotiation Committee to oversee and superintend the open competitive bidding process of Ghana’s oil blocs to investors.

Energy Minister Boakye Agyarko, during the inauguration in Accra, tasked the committee to play an advisory role to the ministry as far as oil agreements with potential investors are concerned, after having assessed those prospective investors.

“The committee will carry out pre-qualification of applicants in line with applicable regulations, and evaluate qualified bids and select winners in line with a transparent criteria,” he said.

This is the first time a committee has been tasked to oversee an open competitive bidding process in the West African nation. In the past, oil blocs were awarded to investors for exploration without any open competitive bidding process.

“The terms of reference for the committee are: To prepare all the necessary documentation for a successful bid round, assess and package all the data on the acreages, set up an online data room where all the data can be accessed by prospective bidders, and embark on promotions and roadshows in collaboration with the Petroleum Commission,” Mr Agyarko said on Wednesday, 16 May.

 

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