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Norwegian oil firm begins operations in Ghana

Subject to approval from the Ghana National Petroleum Corporation (GNPC) and the Energy ministry, Norwegian oil and gas firm, Statoil, will take a 35% working interest in the Deepwater Tano/Cape Three Points deepwater licence offshore Ghana from American-based oil company, Hess.

The agreement which is a farm agreement was announced by Statoil today.  The new development means Statoil will assume a 35 percent working interest in the licence.

It will also carry a proportional share of Ghana National Petroleum Corporation’s interest.  This will amount to a total paying interest of 38.89 percent.

Meanwhile Hess will also retain a 55 percent working interest and GNPC, its 10 percent carried interest.

Citi Business News has learned the GNPC and the Energy ministry are likely to approve the deal by the end of the year.

By Citifmonline.com/Ghana

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