Ghana approves Camac oil agreement - CNBC Africa

Ghana approves Camac oil agreement

Western Africa

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Oil Rig, Takoradi Port, Ghana. PHOTO: Getty Images

Camac Energy, an independent oil and gas exploration and production company, holds a 60 per cent interest in the deal, while Ghana National Petroleum Corporation (GNPC Explorco) holds 25 per cent and energy engineering consulting firm, Base Energy, holds 15 per cent.

(READ MORE: Camac revenue affected by Nigerian oil theft)

"The ratification of the Expanded Shallow Water Tano agreement is a major step towards the realization of the growth aspirations of Camac Energy,” said Kase Lawal, [DATA CME:CAMAC Energy Incorporated] chairman and chief executive officer.

“We believe that it will also result in value creation for all stakeholders, and subject to economic evaluation, a fast track development plan of the discovered resources will be pursued.”

The Expanded Shallow Water Tano Block consists of three discovered fields which expands across 1,508 square kilometres, and is located on Ghana’s coastline.

(WATCH VIDEO: Growing offshore oil and gas industry)

Existing discoveries in the Shallow Water Tano Block include the North Tano oil and gas field, the CTS-1X gas discovery, the NWT-1X oil discovery, and the South Tano fields.

“Camac Energy and its partners will evaluate 3 dimensional seismic data, and geological and well data from the discovered fields to determine, within nine months, the commerciality of the discoveries,” continued the statement.