A Memorandum of Understanding has been announced by the Ghanaian government and other energy giants.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Government of Ghana, together with Tullow Oil plc, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation (GNPC), and Explorco, has jointly announced that they have entered into a Memorandum of Understanding (MoU) to extend the West Cape Three Points and Deep Water Tano licences to 2040, which cover the Jubilee and TEN fields in Ghana.

This was captured in a statement issued by Tullow Oil. The MoU includes approval to drill up to 20 additional wells in the Jubilee field, representing an investment of up to $2 billion in Ghana over the life of the licences.

As a result of the extension, the joint venture partnership expects to realise a material increase in gross 2P reserves.

Source: newsthemegh.com