- 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: GNPC Operating Services Company Limited (GOSCO) – 11% interest in block
OTHER CONTRACTING PARTIES:
Heritage Exploration and Production Ghana Limited – 38.7% interest in block
Blue Star Exploration Ghana Limited – 38.7% interest in block
GNPC Exploration and Production Company Limited (GNPC EXPLORCO) – 11.6% interest in block
Contract Area Size: 2,239 sq.km
Effective Date: February 05, 2015
Exploration Period: 7 years
Current Phase of Operations: Initial Exploration Period (2 years) [ February 5, 2015 – February 4, 2017]
Extension (s): + 2 years [ February 5, 2017 – February 4, 2019]
NB: The then Minister of Petroleum granted an extension from October 6, 2016 – October 5, 2018
Minimum Initial Exploration Programme
Reprocess existing 2D and acquire 1500 sq.km 3D seismic
Minimum Expenditure: US$ 15,000,000
Status of Operations
Operator reported that it has reached an agreement with TGS to license existing 2D seismic data over the block. Initial challenges were faced in licensing the data because TGS wanted each Contractor party to license the same data separately. This problem with data licensing caused delay in the execution of their work obligation.
The then Minister of Petroleum in October 2016 granted an extension of twenty-four (24) months to the Initial Exploration Period.
Surface Rental
Additional Oil Entitlement: Refer to the Petroleum Agreement.
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 five percent (6%) for the Natural Gas destined to the domestic market and ten percent (10%) 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: 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.
EAST KETA OFFSHORE
| wdt_ID | NAME OF CONTRACTOR PARTY | TYPE OF PERMIT | PURPOSE OF PERMIT | PERMIT NUMBER | PERMIT VALIDITY PERIOD | PERMIT END PERIOD |
|---|---|---|---|---|---|---|
| 1 | Heritage Exploration and Production Ghana Limited | Exploration and Development Permit | Permit to undertake Exploration | PC/002/E&P/11-14 | 28/11/2014 | 27/11/2015 |
| 2 | Heritage Exploration and Production Ghana Limited | Exploration and Development Permit | Permit to undertake Exploration | PC/019/E&P/11-15R | 28/11/2015 | 27/11/2016 |
| 3 | Heritage Exploration and Production Ghana Limited | Contractor Party to Petroleum Agreement | As a Contractor Party to Petroleum Agreement in respect of South West Tano Block and East Keta Block | PC/CPA/0000004/11-16R | 28/11/2016 | 27/11/2017 |
| 4 | Blue Star Exploration Ghana Limited | Registration Permit | Permit to undertake Exploration and Development and Production | PC/000237/A/08-14 | 21/08/2014 | 20/08/2015 |
| 5 | Blue Star Exploration Ghana Limited | Exploration and Development Permit | Permit to undertake Exploration and Development | PC/018/E&P/08-15R | 21/08/2015 | 20/08/2016 |
| 6 | Blue Star Exploration Ghana Limited | Exploration and Development Permit | Permit to undertake Exploration and Development | PC/028/E&P/08-16R | 21/08/2016 | 20/08/2017 |
| NAME OF CONTRACTOR PARTY | TYPE OF PERMIT | PURPOSE OF PERMIT | PERMIT NUMBER | PERMIT VALIDITY PERIOD | PERMIT END PERIOD |
