Gov’t to Launch First Licensing Round

President Akufo-Addo is set to launch the maiden Ghana Oil and Gas Licensing Round (GOGLR) for nine oil blocks in the Western Basin.

The launch, which would take place on October 15, is to enable government invite, negotiate and enter into petroleum agreements with competent and capable companies.

This was announced by the Ministry of Energy yesterday, in a statement signed and issued by Nana Kofi Oppong-Damoah, Head of Communications at the Ministry.

This follows after the petroleum commission the regulator begun a roadshow to attract prospective investors with the technical and financial competency to participate in the bidding round.

A 23 member committee was later inaugurated by the Energy Ministry to set to oversee the allocation of oil blocks to local and international companies through proper evaluation and negotiation.

According to reports, several International oil companies, have already shown interest in acquiring oil blocks in the country.

The licensing round, according to the statement, “will be conducted in accordance with the provisions of the Petroleum (Exploration and Production) Act 2016, Act 919, the ancillary Petroleum (Exploration and Production) (General) Regulations 2018, LI 2359 and all other applicable laws in Ghana as well as the policy objective of the licensing round.”

Ghana currently produces 200,000 barrels of oil per day (bpd), led by its flagship Jubilee field which produces about 100,000 bpd.

The country became a significant oil producer in 2010 when it began pumping from the offshore Jubilee field, is keen to unlock its vast oil and gas resources.

By: Emmanuel Yeboah Britwum