Accra confirms Tap award

 AUSTRALIA'S TAP OIL said Ghana’s Parliament had ratified its award of an offshore exploration block, which Tap will operate with a 36 per cent stake.

Tap said in a statement it had been informed by partner the Ghana National Petroleum Corporation (GNPC) that lawmakers had approved the petroleum agreement covering the 2000-sq-km block south of the town of Tema.

Tap said the block lay in water depths between 50 and 2500 m. The block lies along the route of the regional West African Gas Pipeline, which lies along the coast about 30 km offshore.

The area south-east of the capital Accra is thought to contain several oil targets with potential reserves of more than 100 million barrels, based on existing 3D seismic. Partners in the project plan more seismic work to firm up targets.

Ghana’s continental shelf margin has seen several major discoveries in recent years including the Jubilee discovery to the west, which is thought to hold 1.2 bbo.

Tap shares the block with Afex Oil (27%), Challenger Minerals (27%) and the GNPC (10%).

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