Ghana Offers Six Offshore Blocks

Ghana launched October 15 a competitive bidding process about six of the nine delineated exploration blocks in the western Tano offshore basin. The other three blocks will be opened to the market at a later stage, the government said.

According to local newspaper Daily Graphic, the government wants foreign investors to partner local firms, such that locals control at least 5% of shares in the blocks.

This is the first time that Ghana will award exploration perimeters through a competitive bidding process. The government ensures that all block allocations will now be made through this mechanism to ensure transparency and efficiency. According to the government, this call for tenders is in line with the country's plan to increase oil and gas production and generate more revenue for development.

The blocks are likely to be of interest, due to the proximity of existing producing fields and oil and gas infrastructure operated by Tullow (Jubilee, TEN fields) and Eni (OCTP). In January 2018, ExxonMobil was awarded exploration and production rights on Ghana's Deepwater Cape Three Points offshore block.