Statoil enters Ghana

01 May 2012, Sweetcrude, ACCRA – Norway’s Statoil has taken a stake in a Ghanaian deepwater acreage, its first in the West African country.

The compnay farmed into the deepwater Tano/Cape Three Points (DWT/CTP) license, a 811 square miles (2,100 square kilometers) block operated by Hess Corporation.

Hess was awarded the block, which lies just south of the license containing the Jubilee field offshore Ghana, in 2006.

Already, two wells have been drilled in the DWT/CTP license with a third well, Hickory North-1, underway. The result from this well is expected within the end of second quarter of this year.

Pål Haremo, senior vice president for Exploration global new ventures in Statoil, said of the development: “This gives Statoil access to a large license in an emerging hydrocarbon province and the opportunity to participate in an area with high impact potential together with an experienced operator.

“It fits well with Statoil’s strategy of early access in promising regions and our continued international expansion.”
Hess is operator of the license with a 90 percent working interest and carries Ghana National Petroleum Corporation’s (GNPC) costs through the exploration phase for the remaining 10 percent.

Statoil will assume a 35 percent working interest in the license and carry a proportional share of GNPC’s interest, amounting to a total paying interest of 38.89 percent. Hess retains a 55 percent working interest and GNPC its 10 percent carried interest.

The deal is with effect from January 1, 2012, but is subject to final approval by the Ghanaian government.

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