Ghana’s Ministry of Energy and Petroleum has invited Miura Petroleum, a 70%-owned subsidiary of Gondwana Oil, to negotiate exclusively on the 1,600km² Offshore Cape Three Points South block.
The latest move comes after the review of Gondwana Oil’s application on the block located in the Tano Basin, 30km from Jubilee field.
Said to be home to over twenty discoveries of oil, liquids and gas, the Tano basin also includes four discoveries: Jubilee field, Mahogany, the Teak and the Akasa oil field.
The block, which is currently producing over 110,000bpd of oil, is said to be surrounded by 20 discoveries, including the two billion barrel Jubilee light-oil field.
According to the company, exploration and development drilling offshore Ghana since 2010 has achieved a 72% exploration success rate, and 63% commercial success rate.
Gondwana, which has been working towards this goal, believes that the offshore Ghana block is an important and prospective block in the prolific West African transform margin.
The Jubilee field was discovered in 2007 with the junior company’s Gondwana block sitting 30km south-east of the play.
Gondwana is involved in the development of prolific oil and gas targets offshore Ghana, adjacent to the Jubilee field, which is believed to have a 65% rate of discovery on offshore wells drilled over the last five years.