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Aug 20, 2013

Cabinet approves Petroleum Agreement


The Cabinet has approved the issuance of a petroleum agreement between the GNPC, GNPC ExploreCo and AGM Ghana for south deepwater offshore Ghana.

The agreement is subject to Parliamentary approval.

A statement sent to the GNA by AGM Gibralta, the parent company of AGM Petroleum Ghana Limited (“AGM Ghana”), said the Board of the company was pleased with the approval.

The statement said AGM Ghana was selected through a competitive and transparent bid process to become the preferred partner to Ghana National Petroleum Company (GNPC) to jointly apply for, own and operate the South Deepwater Tano Block Concession, to undertake offshore petroleum exploration.

“AGM Ghana will partner with GNPC and GNPC Exploration and Production Company Limited (GNPC ExploreCo) in the initial exploration and development of the block,” it said. AGM Gibraltar is a company jointly owned by AGR Energy AS (“AGR”), Minexco (OGG) Inc. (“Minexco”) and MED Songhai Developers Limited.

AGR Energy AS is the exploration arm of the AGR Group, which is listed on the Oslo Stock Exchange and one of the world’s most experienced deep-water drilling companies, having drilled close to 500 wells worldwide over the past 12 years and set the world record for the deepest offshore well below mud line, with operations in over 20 countries.

Minexco OGG Inc is a Gibraltar-based private oil and gas exploration company jointly owned by WA Natural Resources and Minexco Petroleum Inc, both of which hold interest in oil and gas assets and have significant experience in managing and developing petroleum projects in West Africa.

Commenting on the Approval, Mr. Sverre Skogen, Chairman of AGR Energy and Executive of AGM, stated: “The partners are delighted to have received Cabinet approval for the South Deepwater Tano Block Petroleum Agreement. We look forward for parliamentary approval and bringing our significant collective experience in deep water exploration around the world to bear on this exciting block for the benefit of all, the people of Ghana, GNPC and our stakeholders – shareholders, .”

Source: GNA