Ghana Readies To Allocate Nine New Oil Blocks From September

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Ghana’s government has disclosed that it will start awarding new oil blocks in the third quarter of this year, following the completion of mapping on nine additional oil blocks in the Western Region, near Ivory Coast.

Energy Minister Boakye Agyarko, speaking to investors at the 2018 Offshore Technology Conference in Texas, USA, said the new blocks will be ready for allocation to local and international companies by the last quarter of the year.

Details on the said oil blocks show that three of the blocks are to be allocated through open competitive tender; two will be given through restricted tender while the remaining four will be handed over to the national oil company, Ghana National Petroleum Corporation (GNPC).

“We are doing this because it is the plan of the government to undertake an aggressive exploration of the country’s oil reserves within its territorial waters,” he said.

According to him, while maximising the oil and gas potential of the country, it was also the intention of the government to test the law to ascertain its suitability or otherwise, adding that: “Where necessary, we will amend or maintain depending on the outcome of what we are intending to do.”

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