Statoil farms Ghana deep water licence


Norwegian oil and gas giant Statoil has made its first entry into oil-rich Ghana by farming into a deep water license operated by Hess Corp.

The Deepwater Tano / Cape Three Points license lies just south of the Jubilee field.

Two wells have already been drilled in the license and a third exploration well, Hickory North-1, is currently being drilled by drillship Stena Drillmax.

The results from this well are expected in the second quarter of this year.

Statoil senior vice president for Exploration global new ventures, Pål Haremo, said: "This gives Statoil access to a large licence 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," said Haremo.

Hess operates the 2,100km² licence with a 90% working interest and carries Ghana National Petroleum Corporation's (GNPC) costs through the exploration phase for the remaining 10%.

Statoil said it will assume a 35% working interest in the license, and carry a proportional share of GNPC's interest, amounting to a total paying interest of 38.89%.

The deal, effective from 1 January, is subject to final approval by the Ghanaian authorities, Statoil said.


Image: Statoil has entered Ghana by farming into a deep water licence operated by Hess Corp Photo: Statoil