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DEEPWATER TANO

OPERATOR: Tullow Ghana Limited – 54.84% interest in block 

 

OTHER CONTRACTING PARTIES:​

  1. Kosmos Energy Ghana HC – 19.76% Interest in Block

  2. Ghana National Petroleum Corporation (GNPC) –15% Interest in Block

  3. Jubilee Oil Holding Limited -- 5.95% Interest in Block

  4. PetroSAGhana Limited – 4.45% Interest in Block

 

Contract Area Size:

  1. Portion of Jubilee Field: 61 sq. km

  2. TEN Development and Production Area: 450 sq. km

  3. Wawa Discovery Area: 106 sq.km

 

Effective Date: March 10, 2006

 

Current Phase of Operations: Development and Production

ASSETS

- Jubilee Field

- Tweneboa-Enyenra-Ntomme (TEN) Fields

- Wawa Discovery Area

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Status of Operations

Contractor is producing oil from the Jubilee and TEN Fields utilizing the FPSO Kwame Nkrumah and FPSO JEA Mills respectively. Approval has been given by the Minister of Energy for the Integration of the Jubilee Field resources with resources from Mahogany and Teak within the West Cape Three Points Contract Area (The Greater Jubilee Development). The Contractor is also evaluating that of Wawa Discovery for commercial tie-in to the TEN Project.

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FISCAL TERMS

Royalty: Five percent (5%) of the Gross Production of Crude Oil shall be delivered to the State as Royalty.

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Royalty for any Crude Oil having an API gravity of less than eighteen degrees shall be four percent (4%).

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Royalty to be delivered to the State on Natural Gas shall be at the rate of three percent (3%) of the annual Gross Production of Natural Gas.

 

Income Tax: In accordance with the provisions of the Income Tax law, petroleum income tax shall be levied at thirty five percent (35%).

 

Withholding Tax: Save for withholding tax at the rate of five percent (5%) from the aggregate amount due to any Subcontractor (other than the State or any entity wholly owned or controlled by the State, where such entity is in the possession of a certification of exemption from withholding tax from the Commissioner of Internal Revenue Service, in which case withholding tax shall not be payable).

 

Surface Rental

Additional Oil Entitlement: Refer to the Petroleum Agreement.

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