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DEEPWATER TANO/CAPE THREE POINTS

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OPERATOR: Aker Energy Ghana Limited – 50% interest in block

 

OTHER CONTRACTING PARTIES:

  1. Lukoil Overseas Ghana Limited – 38% interest in block

  2. FT Exploration and Production Limited – 2% interest in block

  3. Ghana National Petroleum Corporation (GNPC) – 10% interest in block

 

Original Contract Area Size: 2,100 sq.km

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Effective Date: July 19, 2006

 

Exploration Period:  7years       

 

Current Phase of Operations: Pre-Development

Extension(s): Ten (10) months post ITLOS ruling to submit Plan of Development (PoD).

 

Status of Operations

Contractor has completed appraisal and declared commerciality for Pecan, Almond and Beech oil discoveries. A conceptual development plan has been agreed on for reserves. The Contractor is currently undertaking FEED for subsea and FPSO development. The Contractor is yet to submit a formal PoD. The Contractor has raised certain issues in respect of the appraisal of the gas and gas condensate discoveries which are Hickory North and Paradise.

About 69% of the Contract Area was affected by the ITLOS ruling. The then Minister for Petroleum in June 2016 granted Contractor ten (10) months post the maritime boundary ruling to submit a Plan of Development for the commercial fields.

The Contractor has undertaken the required work on the oil discoveries and is at the advanced stage of pre-development. The operator is expected the submit a Plan of Development within ten (10) months after the ITLOS ruling.

 

FISCAL TERMS

Royalty: Four percent (4%) of the Gross Production of Crude Oil shall be delivered to the State as Royalty.

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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: Withholding tax at a rate of five (5%) from the agreement amount due to any Subcontractor if and when required by Section 27(1) of the Petroleum Income Tax Law.

 

Surface Rental

Additional Oil Entitlement: Refer to the Petroleum Agreement.

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