Petroleum Africa
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Saturday, May 10, 2014
CAMAC Energy Inc. signed a petroleum agreement with Ghana for access to the Expanded Shallow Water Tano (ESWT) block located in the Tano Basin. The ESWT Block covers just over 1,508 sq km in water depths ranging from 55 meters to 116 meters and contains three discovered fields: Tano North, Tano West, and Tano South.
Significant quantities of oil and gas have been discovered in these fields, and drill stem tests carried out also established producibility of the reservoirs. The agreement requires that the partners evaluate the feasibility of economic development of the discovered fields over the next nine months.
CAMAC Energy Ghana Ltd., an indirect 50%-owned subsidiary of the company, is the operator of the ESWT license with a 60% participating interest. GNPC Exploration Co. Ltd. holds a 25% participating interest and Base Energy Ghana, Ltd., an indigenous company, holds a 15% participating interest. GNPC will initially have a 10% carried interest and have the right to acquire an additional paying interest of up to 10% following a declaration of commerciality.
Expect to see more agreements coming out of Ghana in the coming weeks as GNPC has been in negotiations regarding new contracts. Alex Mould, GNPC’s chief executive speaking at a seminar put on by the US Commercial Service at this year’s Offshore Technology Conference in Houston, said that currently three blocks near the Saltpond field were being negotiated. He added that GNPC would be taking a bigger role in these blocks.
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