Norwegian oil firm begins operations in Ghana

[obeeme]

Subject to approval from the Ghana National Petroleum Corporation (GNPC) and the Energy ministry, Norwegian oil and gas firm, Statoil, will take a 35% working interest in the Deepwater Tano/Cape Three Points deepwater licence offshore Ghana from American-based oil company, Hess.

The agreement which is a farm agreement was announced by Statoil today.

The new development means Statoil will assume a 35 percent working interest in the licence.

It will also carry a proportional share of Ghana National Petroleum Corporation's interest.

This will amount to a total paying interest of 38.89 percent.

Meanwhile Hess will also retain a 55 percent working interest and GNPC, its 10 percent carried interest.