OFFSHORE CAPE THREE POINTS
OPERATOR: ENI Ghana Exploration & Production Limited- 44.44% interest in block
OTHER CONTRACTING PARTIES:
1. Vitol Upstream Ghana Limited – 35.56% interest in block
2. Ghana National Petroleum Corporation (GNPC)-14% interest in block
Current Contract Area Size: 693sq. km
Effective Date: May 5, 2008
Current Phase of Operations: Development and Production
Status of Operations
The Contractor has developed the Sankofa & GyeNyame Fields. First oil was achieved in July 2017 utilizing the FPSO J.A Kufuor. Preparations are underway to commence gas production from the GyeNyame Field in 2018.
Royalty: Ten percent (10%) of the Gross Production of Crude Oil shall be delivered to the State as Royalty.
The Royalty to be delivered to the State on Natural Gas shall be at the rate of six percent (5%) for the Natural Gas.
Income Tax: Petroleum Income tax in accordance with the provisions of the Income Tax Act levied at the rate of thirty-five percent (35%) for the term of this Agreement, subject to applicable law in effect from time to time.
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.
Additional Oil Entitlement: Refer to the Petroleum Agreement.