Sunday, February 9, 2014

Ghana Ratifies South Deepwater Tano Agreement

Minexco Petroleum, stakeholder of AGM Petroleum Ghana, reported that a petroleum agreement before the parliament of Ghana has been ratified. The agreement is between the  government and a consortium to explore and operate the South Deepwater Tano Block.
The ratification of the agreement means the consortium, consisting of GNPC, GNPC Exploration and Production Co. Ltd, and AGM Petroleum Ghana Ltd., now has the exclusive right to carry out all petroleum exploration, development and production activities within the block.
The 1,340-sq mile South Deepwater Tano Block is located in the deep to ultra-deep water part of the Tano basin in water depths ranging from 6,560 ft to 11,480 ft. It is in close proximity to the Hess-operated Deepwater Tano/Cape Three Points block, where seven discoveries have been made, and the Vanco/Lukoil-held Deepwater Cape Three Points block, which contains a discovery.
AGM Petroleum Ghana Ltd. is a jointly owned by Minexco, AGR Energy AS and MED Songhai Developers Ltd.
AGM Petroleum chairman Sverre Skogen commented in a company statement: “The approval of the South Deepwater Tano Block Petroleum Agreement by the Parliament of Ghana marks a major milestone for AGM Petroleum and its partners.  We look forward to working closely with GNPC to realize the potential of the block. The South Deepwater Tano Block represents an important opportunity for the people of Ghana and Corporate Social Responsibility will underpin the way we conduct our business. We are committed to partnering with our communities to improve their quality of life. We now look forward to bringing our collective experience in deep water exploration and moving forward with a plan to fulfill the agreed work program.”
In a separate statement, Minexco acting chief executive Dr. Martin Keeley added: “We are very appreciative of the endorsement AGM Petroleum has received from the President of the Republic of Ghana, John Dramani Mahama, his Cabinet and now from the Members of Parliament, to explore and operate the SDWT block. We look forward to building upon our relationship.”

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