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AGM Petroleum Ghana relinquishes South Deep Water Tano block

  • SOURCE: Citi newsroom | qwesa2big
    • POSTED ON: March 8, 2023

    The AGM Petroleum Ghana Limited (AGM) has relinquished the South Deep Water Tano block located in the ultra-deep waters after considering all options.

    A statement issued by the company notes that “the decision to relinquish the SDWT block is a normal conclusion for exploration blocks, as the petroleum regime in Ghana presumes that the operator has to decide to drill or drop at specific times during the exploration period.”

    The move comes as the Energy Ministry issued a final deadline for Aker Energy to submit its Plan of Development.

    Per this decision, the AGM’s decision has no implication for Aker Energy’s plans in Ghana. Aker Energy is the field operator of the Pecan development project in Ghana’s Deepwater Tano Cape Three Points block.

    However, Aker Energy may lose interest in the pecan field if it fails to submit its plan of development (PoD) by April 15, 2023. The POD is a critical document that outlines the development plan for the offshore Pecan field.

    Meanwhile, AGM has fulfilled all its obligations under the petroleum agreement and has significantly contributed to Ghana’s petroleum industry by drilling two ultra-deepwater wells, including the Nyankom discovery. AGM has also carried out CSR investments that have benefited the Ghanaian authorities and other industry players.

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