Cabinet has approved an agreement for oil exploration at the South Deep Water Tano Block in the Western Region. The area, which covers 3,482 square kilometres, is near the Cape Three Points. Partners in the oil exploration project are the Government of Ghana, the Ghana National Petroleum Corporation (GNPC), AGM Petroleum Ghana Limited and Exploration and Production Company Limited (EXPLORCO). According to the agreement, the Government of Ghana would get a 79 per cent share of the sale of oil and gas from the area. This comprises 10 per cent royalty, five per cent from domestic gas, 10 per cent from exported gas, 10 per cent carried interest, 15 per cent participatory interest and 35 per cent corporate tax. #WorkingForYou
Posted on: Mon, 19 Aug 2013 08:41:14 +0000