Parliament has approved an extension of the terms of the agreement between the government and some petroleum exploration companies to safeguard their continuity and sustain production in mature fields.
The extension of the West Cape Three Points (WCTP) and Deepwater Tano (DWT) block agreements to December 31, 2040, is expected to unlock up to $2 billion in additional capital expenditure, including the drilling of new wells and the deployment of supporting subsea infrastructure to address declining production in oil and gas.
The first amended agreement is between WCTP, the government, the Ghana National Petroleum Corporation (GNPC), GNPC Exploration and Production Limited Company, Tullow Ghana Limited, Kosmos Energy Ghana HC, Kosmos Energy Ghana Investments and PetroSa Ghana Limited.
The second was an amendment for the extension of the terms of the DWT agreement between the government, GNPC, GNPC Exploration and Production Limited, Tullow Ghana Limited, Kosmos Energy Ghana HC, Kosmos Energy Ghana Investments and Petrosa Ghana Limited.
