GNPC confirms 10% initial interest in newly found oil in Ghana
The Ghana National Petroleum Corporation (GNPC) has confirmed to ghanabusinessnews.com that it has an initial 10% interest in a new oil discovery at the Paradise prospect offshore Ghana.
The discovery was announced Wednesday April 28, 2011 by New York based oil company Hess Corporation.
The company said it has found hydrocarbons at a deep-water field off the coast of Ghana. The results are preliminary, as the well is not finished yet, the company said.
In a telephone interview, Mr. Thomas Manu, Director, Operations at the GNPC told ghanabusinessnews.com that the GNPC can have additional interest if oil is found in commercial quantities at the prospect. He also added that GNPC did not make any contribution to the exploration and development costs. “GNPC will only pay development costs if it wants to increase its interest when oil is found in commercial quantities,” he said.
According to the CEO of Hess Corporation, John Hess, the company found 370 feet of hydrocarbons in two separate intervals at the Paradise prospect offshore Ghana. He also indicated that the drilling of the well won’t conclude for two weeks, and it’s too early to speculate how big the find is.
Hess holds 90% stake in the prospect.
Ghana became an oil producing country when commercial production of oil began in the country on December 15, 2010. The country’s Jubilee oil field is the largest oil field to be discovered in West Africa in recent times.
By Emmanuel K. Dogbevi
Interesting and media as well as GNPC is exicited regarding 10% interest instead of 50% interest. We need to be wise with some of this agreement . Oil is not renewable energy please please remember that and once is finish is finished, no more.
It very amazing the way our leaders and even some Ghanaians think. We are signing 10 percent contracts and people are not protesting on the streers demanding something better? Oh my God. I understand the foreign companies are bringing their capital and all the rubbish, but what the people who own this finite resource. Why should someone somewhere at GNPC or govt tell me that the foreign must recoup his investment before Ghana can start earning reasonable returns from the oil? Everybody knows oil is now the hottest commodity and there is a rush for it all over the world. So we should be the ones dictating terms to these foreigners. Ohh Ghana!
This is a shame…a very big shame and disappointment.And why is the government chasing EO for alleges illegalities?After first oil find,all you can do is ask for 10% from subsequent ones…why can’t you make another Ghanaian also gain 3.5% from this….i’m really surprised at the way of thinking of some Ghanaians…if it’s a white man then its better..and this government better allow citizens exploit resources instead of foreigners..unless they want us to keep begging 1million euros to take care of pregnant women….Shame!