Petroleum Africa
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Tuesday, August 20, 2013
AGM Gibraltar Ltd. has tentatively picked up a block in Ghana. The firm reported that the government of Ghana approved the issuance of a petroleum agreement between GNPC, GNPC Exploration and Production Co. (GNPC ExploreCo), and AGM Petroleum Ghana Ltd. (AGM Ghana), a wholly owned subsidiary of AGM Gibraltar, for the offshore South Deepwater Tano Block. The agreement will still need to be approved by Ghana’s parliament however.
AGM Ghana was selected through a competitive and transparent bid process to become the preferred partner to GNPC to jointly apply for, own, and operate the South Deepwater Tano Block. AGM Ghana will partner with GNPC and GNPC ExploreCo in the initial exploration and development of the block.
AGM Gibraltar is a company jointly owned by AGR Energy AS (AGR), Minexco (OGG) Inc., and MED Songhai Developers Ltd. AGR Energy AS is the exploration arm of the AGR Group.
The company did not reveal the terms of the petroleum agreement or what the initial work program would entail.
Commenting on the approval, Sverre Skogen, chairman of AGR Energy and executive of AGM, said: “The partners are delighted to have received cabinet approval for the South Deepwater Tano Block Petroleum Agreement. We look forward for parliamentary approval and bringing our significant collective experience in deep water exploration around the world to bear on this exciting block for the benefit of all, the people of Ghana, GNPC and our stakeholders/shareholders.”
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