Hundred million barrels of oil are expected to be generated from the harvest blocks in the offshore Accra-Keta basin area.
This is expected to be drilled in two years time by Tap-Oil Limited, Afex International and Challenger Minerals Incorporated, which signed an agreement with the Ghana National Petroleum Corporation (GNPC) on Tuesday, June 15.
As per the agreement, Tap oil Ghana limited will have a 36% stake, Ghana’s GNPC 10% whilst Challenger Mineral and Afex oil will each have 27%.
Hitherto, most explorations bids had been concentrated in the western part of the country. However, the Managing Director of the GNPC, Nana Boakye Asafu Adjaye told CITI BUSINESS, the new agreement has relatively better prospects.
“In terms of difference, the physical regime for this particular agreement is much better than the Kosmos and West Cape three points deep water tunnel agreements. This is an exploration and production agreement just like the jubilee one. However, they are now going to start exploration. In the case of jubilee, West Cape three points and deep water Tano blocks, they have done a lot of exploration work and discoveries have been made, they developed the discoveries and they are about to start producing” he said.
Europe -Africa Manager of Challenger Minerals Incorporated, Kevin Wallace also told Citi business the expectations of his company.
“We will love to think that there might be a jubilee but we don’t have any indication that there is a jubilee there, finding a couple of hundred million barrels is very significant and those are the expectations going into the project.” He noted.
“After we shoot our seismic and reprocess it, if those areas still look good we could be looking at a couple of hundred million barrels adding that drilling is likely to begin in 2012 or even earlier.” He added.
Citifmonline.com/DS [2010-06-16 07:20:51]