Vanco, Lukoil sign new agreement with Ghana

ACCRA, GHANA: The Government of the Republic of Ghana, the Ghana National Petroleum Corp. (GNPC), Vanco Ghana and Lukoil Overseas Ghana have signed a new petroleum agreement covering the Cape Three Points Deepwater block.

Aban Offshore drillship Aban Abraham is mobilizing to begin deepwater drilling offshore Ghana for Vanco.The new agreement replaces the existing petroleum agreement which expires at the end of April. The new agreement provides Vanco and Lukoil with the opportunity to continue the exploration of the area, during which new 3-D seismic and additional drilling activities are planned.The new agreement also provides GNPC and the government of Ghana with commercial benefits, including higher royalty and increased GNPC participation.The Cape Three Points Deepwater block encompasses 5,146 square kilometers (1,986 sq miles) in water depths ranging from 200 to 3,000 meters (656 to 9,842 ft) in the Tano Basin. Operator Vanco holds a 28.34 percent participating interest in the block with Lukoil holding a 56.66 percent participating interest. GNPC, Ghana's state oil company, holds a 15 percent carried interest, with the option to acquire up to an additional 5 percent in any commercial discovery.

Read More