A Perth, Australia-based oil and gas company, Tap Oil Limited says it has struck a deal to buy into an offshore exploration project in Ghana. The company announced it has received a permit from the Ghana National Petroleum Corporation (GNPC) to start exploring for oil in Ghana.
The company says it will operate adjacent to the basin that contains the largest oil field to be discovered in West Africa in the last 10 to 15 years, the Jubilee oil field. The field contains 1.8 billion barrels of oil and 17 wells, according to Tullow Oil, the major stakeholders in the field.
Commercial production of oil in the Jubilee field is expected to begin in the last quarter of this year.
Tap Oil which has interests in Australia and South East Asia says the deal with the GNPC in a 2000 square kilometer area is near the Jubilee field.
Tap Oil will have 36% stake in the exploration. Following the news, information reaching ghanabusinessnews.com from the global oil market says
Tap Oil’s shares went up nearly 2%.
By Emmanuel K. Dogbevi