https://www.reuters.com/article/us-ghana-oil/exxon-mobil-signs-deal-for-deepwater-oil-exploration-off-ghana-idUSKBN1F7147
Exxon Mobil Corp signed a deal with Ghana on Thursday to explore for
oil in the Deepwater Cape Three Point offshore (DWCTP) oilfield.
The
signing followed direct negotiations between Ghana and Exxon Mobil
without an open competitive tender due to the nature of the field, where
the depth ranges from 2,000 to 4,000 meters, Ghanaian officials said.
Ghana,
which exports cocoa and gold, began commercial production of oil from
its flagship Jubilee reserves in late 2010. Other firms drilling in the
West African country include UK’s Tullow oil and Kosmos Energy.
The
Exxon Mobil deal is the first to be signed after the International
Tribunal for the Law of the Sea last September drew an ocean boundary
favoring Ghana in a dispute with its neighbor Ivory Coast.
Exxon
Mobil, lead operator, holds an 80-percent interest in the DWCTP, while
state-run Ghana National Petroleum Corporation holds 15 percent. Exxon
is yet to select a local partner to own the remaining 5 percent as
Ghana’s laws required, Energy Minister Boakye Agyarko told Reuters.
The agreement is subject to approval by parliament and Exxon is expected to start exploration this year, Agyarko said.
Reporting by Kwasi Kpodo; Editing by Andrew Heavens
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