Tullow Oil Plc has disclosed that it is planning to acquire more oil blocs in Ghana.
According to its Chief Executive Officer Paul McDade, the company will participate actively in the bidding process recently announced by Ghana’s government to allocate oil blocs to investors.
“With the bidding coming up in the near term here in Ghana we are expecting to be involved in the bidding, and pick up more exploration acreage here in Ghana. We have exploration to do within the Jubilee and TEN areas but we are very focused on picking up additional acreage here in Ghana,” he stated.
Mr McDade, who disclosed this at an investor forum in Accra, stated that even though the company will not point out which specific areas it will be competing, it will actively take part in the process.
He further said the company plans to earmark about half a billion dollars to commence more oil exploration in Ghana if it wins the bids.
Commenting on the company’s operations in West Africa, Mr McDade added that Tullow was also considering other areas in the sub-region such as Ivory Coast, particularly blocs that are strategically placed close to its TEN Fields in Ghana.
According to Ghana’s Minister for Energy, Boakye Agyarko, a total of six oil blocks will be allocated out of the nine mapped areas in the Western Basin.
Ghana’s national oil company, the Ghana National Petroleum Corporation (GNPC), will be allocated one out of the available six oil blocks which government intends to offer oil companies in the upcoming licencing and bidding round.