Tap Oil Signs Petroleum Agreement in Ghana

Source: www.gulfoilandgas.com 6/18/2010, Location: Africa

A reception to commemorate the signing of the Petroleum Agreement for oil exploration activities in the Offshore Accra Contract Area between the Ghana National Petroleum Corporation (GNPC), Tap Oil and its joint venture partners was held this week in Accra, Ghana. The reception followed the first Joint Management Committee meeting between GNPC, Tap and the other joint venture parties.

The Offshore Accra Contract Area covers an area of 2,000 sq km and is located to the southeast of Accra, the capital of the Republic of Ghana, in water depths ranging from less than 50 metres to greater than 2,500 metres. Tap is the Operator for this recently awarded Petroleum Agreement. Tap’s partners in the joint venture include Challenger Minerals Ghana Ltd and AFEX International.

The Petroleum Agreement was ratified by the Parliament of the Republic of Ghana on 24 March 2010.

The reception was attended by; the Deputy Minister of Energy, Honorable Armah Kofi Buah, the Chairman of the Parliamentary Select Committee for Energy, Honorable Moses Asaga; members of the GNPC Board; the Managing Director of GNPC, Nana Boakye Asafu-Adjaye; the Managing Director of Tap Oil, Peter Stickland; and representatives of Tap’s joint venture partners AFEX International and Challenger Minerals.

GNPC Managing Director Nana Boakye Asafu-Adjaye said the partners had both the technical and financial capability to undertake the project through to fruition.

Tap Oil Managing Director and Chief Executive Officer Peter Stickland said the Company is excited by the significant potential of the Offshore Accra Contract Area and has already commenced exploration work on the area. “We are also very pleased to be working with GNPC and our other partners, in a combination of technical and operational skill and experience that should provide the best chance of having exploration success in the block,” Mr Stickland said.

“The agreement has also heightened both parties’ expectations of a vigorous and entertaining contest on Saturday night when Ghana plays Australia in the FIFA World Cup,” he said.


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