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GNPC assures GOIL of getting new investors to replace ExxonMobil

The Ghana National Petroleum Corporation (GNPC) has assured management of Ghana Oil Company (GOIL) it will soon agree on a new investor to take over the Deep-water Cape Three Point project which has been abandoned by Exxonmobil.

Exxonmobil exited the project last month after an initial assessment of the site had indicated a lower level of crude oil rather than expected.

Group Managing Director for GOIL, Kwame Osei Prempeh, says many investors have started knocking on the doors of GNPC to take-over the field.

“I believe there is no way we cannot have another investor; indeed ExxonMobil is the largest deepwater explorer and they assess their risk differently. If they assess and feel not satisfied with the risk and quantity, any middle level explorer will find it suitable, so as of now, GNPC has assured that people [investors] are knocking at their doors.”

“If Exxon goes out doesn’t mean our investment is wasted but what we are hoping is that, we have already expended money on the project and if a new partner comes on board, our investment will be topped up from the 5% in Exxon. So, we believe it is not going to be difficult at all for us to get an investor very soon” he said.

ExxonMobil in 2019 opened a new office in Ghana to progress its offshore exploration programmes after signing the agreement with government and the GNPC on the ultra deepwater exploration and production project.

This comes after it acquired rights in 2018 to explore the ultra-deepwater block Cape Three Points.

The petroleum agreement was ratified in April 2019 with partners, GNPC and GOIL Offshore Limited.

The Deepwater Cape Three Points block, is located 57 miles (92 kilometers), off the coast of Ghana. It measures approximately 366,000 acres (1,482 square kilometers) in water depths ranging from 5,085 feet to 9,350 feet (1,550 meters to 2,850 meters).

ExxonMobil held 80% interest in the Deepwater Cape Three Point block until their exit. GNPC on the other hand holds 15% and GOIL Offshore Limited, a subsidiary of the GOIL Group owns 5% stake.

Source: Ghana News

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