Continental Focus, International Reach

Two Majors Pull Out of Ghana’s Bidding Process

Monday, June 3, 2019

US-based ExxonMobil and the UK’s BP pulled out of Ghana’s ongoing licensing round. The pair had submitted applications for direct negotiations for Blocks 5 and 6 but then recently withdrew their interest.

Ghana is offering six oil exploration blocks, three though competitive bidding process, blocks 2, 3, and 4. While Blocks 5 and 6 were supposed to be for direct negotiations; the last block has been set aside for GNPC.

ENI, Vitol, and Tullow Ghana Limited all submitted bids for Block 3 with First E&P submitting a bid for block 2.

The original pool of companies that put in a bid for the three oil blocks included CNOOC, Cairn Energy, Qatar Petroleum, Global Petroleum Group, First E&P, Sasol, Equinor and Harmony Oil and Gas Corp. Total, Kosmos Energy, and Aker Energy were also participating in the licensing round.