Home / Oil & Gas / Norway’s Statoil acquires 35% stake in Hess-operated licence offshore Ghana

Norway’s Statoil acquires 35% stake in Hess-operated licence offshore Ghana

Norwegian oil and gas company Statoil will start operating at Ghana’s oil fields following a 35% working interest it has agreed to acquire from the Deepwater Tano/Cape Three Points (DWT/CTP) licence awarded to US company Hess Corporation in 2006, according to a statement issued by the company April 25, 2012.

Hess operates the 2,100 square kilometre licence with a 90% working interest and carries Ghana National Petroleum Corporation’s (GNPC) costs through the exploration phase for the remaining 10%.

Statoil says it “will assume a 35% working interest in the licence and carry a proportional share of GNPC’s interest, amounting to a total paying interest of 38.89%” as Hess retains a 55% working interest and the GNPC holding 10% carried interest.

The deal, which was through farming, will be effective from January 1, 2012 and is subject to final approval by the Ghanaian authorities, Statoil said in the statement.

“This gives Statoil access to a large licence in an emerging hydrocarbon province and the opportunity to participate in an area with high impact potential together with an experienced operator,” says Pål Haremo, senior vice president for Exploration global new ventures in Statoil.

By Ekow Quandzie

Check Also

ACEP calls for Mineral Revenue Management Law

The African Centre for Energy Policy (ACEP) has call for the passage of a mineral …

One comment

  1. Excellent, Excellent, Excellent for Ghana and Statoil which is reputable company with excellent background in deepwater exploration. statoil also have chains of businesses in Hydro power, Grocery chains etc