Independent oil and gas exploration and production company Camac Energy on Wednesday announced that the Parliament of Ghana had ratified an agreement between the government of Ghana, Camac Energy Ghana, the Ghana National Petroleum Corporation (GNPC), Base Energy Ghana, and GNPC Exploration and Production Company (GNPC Explorco), for the exploration of oil in the Expanded Shallow Water Tano block, offshore Ghana, in the Gulf of Guinea’s Tano basin.
The ratification of the petroleum agreement followed its approval by the Ghana Cabinet and a review by the Parliamentary Select Committee on Mines, Energy and Petroleum.
Camac Energy Ghana held 60% of the proposed exploration project, with GNPC Explorco and Base Energy holding 25% and 15% respectively.
The interest held by Camac Energy Ghana would be 50% owned by Camac Energy and 50% by Camac International.
The Expanded Shallow Water Tano block consisted of three discovered oilfields and comprised 1 508 km2 with water depths ranging from 55 m to 116 m.
“Existing discoveries in the Shallow Water Tano block included the North Tano oil and gasfield, the CTS-1X gas discovery, the NWT-1X oil discovery, and the South Tano fields,” Camac Energy pointed out.
“The ratification of the Expanded Shallow Water Tano agreement is a major step towards the realisation of the growth aspirations of Camac Energy,” the company’s chairperson and CEO Kase Lawal said.
He added that Camac Energy believed that the project would also result in value creation for all stakeholders and said, subject to economic evaluation, a fast-track development plan of the discovered resources would be pursued.
Camac Energy and its partners would evaluate three-dimensional seismic data, as well as geological and well data from the discovered fields, to determine, within nine months, the commerciality of the discoveries.