Ghana placed oil block release
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Ghana expects to finalise soon the award of more oil blocks off its western coast. Ghana National Petroleum Company (GNPC), the government’s appointed agency, is evaluating four applications for offshore blocks, Minister of Energy Joe Oteng-Adjei told Upstream.
The applications will be submitted to the ministry for approval shortly.
The offshore blocks are located further from shore but shares the same
petroleum system as the giant Jubilee field, the minister said.No details were provided on the applicants, however, the Chinese are known to have expressed interest in Ghana’s oil resources.
Ghana operates on a royalty tax system, which draws a fixed percentage of revenue from production in the oil and gas fields.
The government is also entitled to a 10% carried interest and an option to acquire paid interest in producing fields.
Source: Upstreamonline
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