- Petroleum Agreement
- Registration Permits
- Exploration and Development Permits
- Licenses to Install and Operate Facilities
- Permits to Install and Operate Facilities
- Reconnaissance Licenses
- Drilling Permits
- Production Permits
- Flaring or Venting Authorisations
- Approval of Third Party Access
- Permitted Mortgages
- Assignments
- Any Other Permit, Authorization, Approval, Certificate or Consent
OPERATOR:
GOIL offshore Ghana Limited – 85% interest in block
OTHER CONTRACTING PARTIES:
- Ghana National Petroleum Corporation (GNPC) – 15% interest in block
Contract Area Size: 1,474 sq.km
Effective Date: November 28, 2018
Exploration Period: 6 years
Current Phase of Operations: Initial Exploration Period (2½ years): [ November 28, 2018 – May. 28, 2021]
Minimum Initial Exploration Programme
Acquire, process and interpret 2,222 km square of 3D seismic
Drill one (1) Exploration Well
Minimum Expenditure: US$ 35,000,000
Status of Operations
FISCAL TERMS
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 ten percent (5%) for the Natural Gas destined to the domestic market and ten percent (5%) for Natural Gas to be exported as LNG.
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.
