Category Archives: Ghana

Republic of Ghana, is a country located in West Africa.

ION Provides Better Insight in Brazil’s Offshore Potential

Feb 13

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ION Geophysical Corporation has added an additional 8,000 kilometers of regional seismic data to its Greater BrasilSPAN™ program in the Equatorial Margin offshore northern and northeastern Brazil.

To be processed by ION’s GX Technology data processing group, this new data adds to the approximately 17,600 kilometers of data the company acquired in the region in 2009 and brings the total number of kilometers in the company’s BrasilSPAN portfolio to over 50,000.

Recent major discoveries in West Africa’s Ghana and Ivory Coast, which are geologically similar to Brazil’s Equatorial Margin basins, have increased interest among oil & gas companies in the conjugate margin in northern Brazil. ION’s Greater BrasilSPAN provides E&P companies with a better understanding of the orientation of the transform and growth faults and the deposition environment of the key basins from Foz do Amazonas to Potiguar.

Ken Williamson, Senior Vice President of ION’s GeoVentures group, commented, “Our BrasilSPAN program provides E&P companies with a regional depth-imaged framework to better understand the hydrocarbon potential offshore Brazil. But the dataset is also of great value to E&P operators in Africa, as it reveals striking similarities in the structural framework of the petroleum systems on both sides of the Atlantic Margin.”

The second phase of ION’s Greater BrasilSPAN program will be available in the third quarter of 2012, in anticipation of the 11th Brazilian licensing round expected to be announced in early 2012.

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Ghana: Aker Solutions Signs Well Service Contract with Tullow

Feb 3

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Aker Solutions has signed a frame agreement with Tullow Ghana Limited to provide well intervention services for the oil company’s Jubilee and Tano deepwater fields offshore Ghana, West Africa.

The initial contract period is for three years, with two additional one-year options (3+1+1). Aker Solutions estimates that the agreement will generate annual revenues of approximately USD 4 million.

Under the agreement Aker Solutions will provide slickline and coiled tubing equipment and services, which are conducted with the objective of maximising production of oil and gas. Aker Solutions has delivered well services to Tullow’s Jubilee field since 2008.

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“Tullow is the largest independent oil and gas exploration and production company operating offshore West Africa. We are pleased to be able to support their ambitious growth plans through providing our technologies and services to increase oil recovery ratios,” says Wolfgang Puennel, head of well intervention services in Aker Solutions.

“Ghana is an up-and-coming oil nation. This new and extended contract with Tullow provides us with a solid long term outlook for our operations there. We will utilise this to set up a more permanent presence in Ghana, which will also drive the need for a larger local workforce. This will put us in a better position to secure further oil service work in the country,” adds Puennel.

Aker Solutions’ contract party is Aker Qserv Ltd.

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PGS to Start Seismic Survey at Corentyne Licence, Offshore Guyana

Dec 6

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CGX Energy Inc.  has awarded a 1,160 square kilometre 3D marine seismic contract to a subsidiary of Petroleum Geo-Services (PGS). PGS’s Ramform Challenger will undertake the five week contract at CGX’s fully owned Corentyne PPL, offshore Guyana, commencing mid-December.

PGS is a leading geophysical services company founded in 1991 in Norway with offices in 25 countries and regional centres in London, Houston and Singapore. PGS offers a broad range of geophysical services and has 14 offshore seismic vessels.

Stephen Hermeston, President and CEO stated,

“This 3D seismic program has been designed to better image the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and to cover the two early Cretaceous, Albian prospects (Crabwood and Kabukalli) which are underlying the Company’s 100% owned Corentyne offshore Petroleum Prospecting License (PPL) and for which CGX obtained an independent resources evaluation report from DeGolyer and MacNaughton of Dallas earlier this year that provided a total best estimate (P50) of prospective resources of 325 million barrels of oil. We are enthused about these prospects which CGX plans on pursuing subsequent to the drilling of the Company’s Eagle-1 well that will test the Eocene and Maastrichtian trend.”

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.

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Kosmos Energy Announces 3Q Results. Provides Update on Operations Offshore Ghana

Nov 11

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Kosmos Energy  announced yesterday financial results for the third quarter 2011. The Company generated net income attributable to common shareholders of $52 million in the third quarter of 2011, or $0.13 per basic and diluted share. This compares to a net loss attributable to common unit holders of $99 million for the same period in 2010.

Highlights for the third quarter 2011 include:

  • Two Jubilee liftings totaling approximately 2 million barrels of oil, net to Kosmos
  • EBITDAX of $191 million
  • Grew total liquidity by over $115 million to nearly $1.1 billion
  • Exploration discovery at Akasa on West Cape Three Points Block
  • Successful Enyenra-3 appraisal well on Deepwater Tano Block
  • Jubilee Unit participation interest increased as a result of expert redetermination
  • Expanded exploration portfolio, with increase in offshore Morocco position to approximately 12 million gross acres

Third-quarter 2011 oil revenues were $230 million, or $115.50 per barrel sold. Production expense was $24 million, or $12.13 per barrel, and depletion and depreciation was $43 million, an average of $21.36 per barrel. Exploration expense for the third quarter 2011 was $11 million. General and administrative costs were $39 million, with over 50 percent related to non-cash items, primarily the Company’s long-term equity incentive compensation program. Interest expense was $17 million. The effective tax rate for the third quarter 2011 was 49 percent.

Cash and cash equivalents at the end of the third quarter 2011 was $656 million, with long-term debt of $1 billion. Total liquidity, including cash and cash equivalents and available borrowing under the debt facility, was nearly $1.1 billion.

Brian F. Maxted, President and Chief Executive Officer, commented, “Our results for the third quarter were very strong, supported by our oil liftings and continued robust Brent pricing. While production at Jubilee has not ramped up as quickly as planned, the ultimate resources recoverable from this giant field are unchanged, and we continue to be encouraged by its reservoir performance. We had a number of positives in our exploration and appraisal drilling programs for the quarter, with successes on both of our Ghana blocks, which continue to highlight the value upside of our Ghana assets. At the same time, we are further enhancing the Company’s portfolio of exploration opportunities, capturing substantial acreage offshore Morocco during the quarter.”

Jubilee Unit Redetermination

A redetermination of the Jubilee Unit tract participation interest was recently completed, resulting in an increase in Kosmos’ Unit interest. As determined by an independent expert analysis, a greater portion of the Jubilee field resources reside in the West Cape Three Points Block than was established under the original tract participations. The original tract participations in the Jubilee Unit were 50 percent for both the West Cape Three Points and Deepwater Tano Blocks. After expert analysis, the Unit interests have been changed to 54.37 percent for the West Cape Three Points Block and 45.63 percent for the Deepwater Tano Block. Accordingly, the Company’s Jubilee Unit interest increased to 24.08 percent from 23.51 percent.

Operational Update

Ghana

All of the Jubilee Phase 1 wells have been drilled, and current oil production is approximately 80,000 barrels per day. Identified completion issues require one of the producing wells to be sidetracked, as well as downhole remediation on certain other wells. Once these completion issues have been resolved, production is expected to continue ramping up toward the FPSO facility capacity. The J-7 production well is currently being sidetracked, with completion expected at the beginning of 2012. Additionally, the Phase 1A development, including five production and three injection wells, is being planned to commence drilling in 2012.

Kosmos is currently drilling the Teak-3 appraisal well on the West Cape Three Points Block, testing a potential updip stratigraphic extension of the discovery wells. Results at Teak-3 are expected by the end of November 2011. The Teak-4 appraisal well is scheduled to begin drilling late in the first quarter of 2012.

On the Deepwater Tano Block, Kosmos and its partners are currently redrilling the Enyenra-1 (previously known as Owo-1) discovery well, with plans to perform a drill stem test at that location. Immediately following operations at Enyenra-1, the Enyenra-4 appraisal well will be drilled over 4 miles downdip from Enyenra-2, on the south flank of the discovery. Results at Enyenra-4 are expected in the first quarter of 2012.

New Ventures Portfolio

Kosmos’ new ventures team is pursuing a number of opportunities to further enhance the Company’s exposure to new petroleum systems. Kosmos recently entered into a new petroleum agreement for the Essaouira Block offshore the Kingdom of Morocco. The Essaouira Block covers 2.9 million gross acres and is located north of the Company’s Foum Assaka Block. Both blocks are in the Agadir basin. Kosmos will be the operator of the Essaouira Block with a 37.5 percent working interest. As a result of the new agreement, Kosmos’ total acreage position offshore Morocco has grown to approximately 12 million gross acres. The Company is planning an approximately 5,000 square kilometer seismic shoot offshore Morocco on the Foum Assaka and Essaouira Blocks, targeted to begin before year-end 2011.

Kosmos Energy Ltd. is an international oil and gas exploration and production company focused on underexplored regions in Africa. The Company’s asset portfolio includes major discoveries and exploration prospects with significant hydrocarbon potential in several West African countries. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS.

Source: Kosmos Energy, November 11, 2011

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Deepwater Millenium Drillship Not Moving to Brazil. Stays in Ghana

Oct 18

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An ultra-deepwater rig leased by Anadarko Petroleum Corp is no longer heading to Brazil, according to rig owner Transocean Ltd . A source familiar with the matter said last month that Anadarko was considering the sale of some assets in Brazil, which include some deepwater prospects.

Transocean said on Monday its Deepwater Millennium rig would now remain off Ghana at a rate of $576,000 per day through this month, with the rest of its Anadarko contract through July 2013 now up in the air.

“Subsequent operating location is yet to be determined, and the dayrate under the contract could change depending on the country of future operations,” Transocean said in its latest fleet status report.

The Millennium had been set to move to Brazil in July to work on a daily rate of $561,000, according to Transocean’s July fleet status report.

The Switzerland-based rig contractor also said on Monday its midwater rig, Actinia, would move from Malaysia to India to work for ONGC next May, on a three-year contract with a dayrate of $190,000.

Finally, a previously idle Transocean shallow-water rig, the Harvey H. Ward, will start work next month for Pertamina off Indonesia on a $97,000-per-day deal running to May 2013.

Source: Reuters

Via: OET

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Ghana: Seadrill Inks One-Year Contract for Ultra-Deepwater Newbuild West Leo

Oct 9

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Tullow Oil Ghana Ltd., a subsidiary of Tullow Oil plc has awarded Seadrill a one-year contract for operations offshore Ghana with the newbuild ultra-deepwater semi-submersible rig West Leo.

The potential contract revenue for the one-year period is US$204 million which includes US$18 million in mobilization revenue. In addition, the rig can earn a daily performance bonus of up to 10 percent.

West Leo is currently under construction at Jurong Shipyard in Singapore with delivery scheduled for the end of January 2012. The unit will subsequently start its transit to Ghana where commencement on the Tullow contract is expected in mid April 2012. West Leo will be the second unit of the Moss Maritime CS50 Mk II design that Seadrill puts into operations.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, “We are very pleased to have secured our first deepwater contract with Tullow, a fast growing and dynamic independent oil and gas company. We believe Ghana, which is one of the most promising new deepwater frontiers, may offer significant opportunities for us going forward. We continue to strengthen our revenue backlog and have with this contract secured attractive employment for all our deep and ultra-deepwater units.”

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Tullow Strikes Oil at Enyenra Well, Offshore Ghana

Sep 28

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Tullow Oil plc (Tullow) announces that the Enyenra-3A appraisal well, in the Deepwater Tano licence offshore Ghana, has successfully encountered oil in high quality sandstone reservoirs. Pressure data indicates that the Enyenra-3A well has confirmed an up-dip extension of the Enyenra oil field.

Located 6.5km north of the Owo-1 discovery well and 14km north of Enyenra-2A, the well was drilled to test the up-dip extent of the Enyenra oil field. Results of drilling, wireline logs, samples of reservoir fluids and pressure data show that Enyenra-3A has intersected 17 metres of 35o API net oil. Pressure data confirms a continuous oil column of at least 365 metres and that the oil at Enyenra-3A is in static pressure communication with both the Owo-1 discovery well and the Enyenra-2A appraisal well.

The Deepwater Millennium drillship drilled Enyenra-3A to a total depth of 4,031 metres in water depths of 1,102 metres. On completion of drilling operations, prior to flow testing the Enyenra field in late 2011, pressure gauges will be deployed in Enyenra-2A and Enyenra-3A to determine reservoir connectivity. The drillship will depart the Deepwater Tano block in late October having recently been replaced by the Sedco Energy drillship.

The Sedco Energy will later drill the Enyenra-4A well to further appraise the downdip extent of the field. The well will be located 6.8km south of Enyenra-2A and over 20km downdip from the Enyenra-3A well and a result is expected at the end of the year. The Enyenra-5A well also is then likely to be drilled north of Enyenra-3A to test the ultimate updip extent of the field.

Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Elsewhere in West Africa, Tullow now expects to announce the result of the Montserrado-1 well offshore Liberia during October.

Commenting today, Angus McCoss, Exploration Director, said:

“This excellent result demonstrates that we are close to declaring the Enyenra and Tweneboa development commercial. Although the ultimate extent of the fields are yet to be fully determined, confirmation of this up-dip extension and long oil column in Enyenra is very encouraging.”

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Offshore Oil: A Blessing or a Curse to Ghana People?

Apr 22

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While Ghana has just started making money from its offshore oil, civil society advocates and economists are warning not enough is being done to make sure oil wealth is a benefit and not a curse to Ghanaians.

At a Washington event late Thursday, they said Ghana’s government needs to have more planning and transparency to avoid a repeat of the massive corruption and violence that has plagued other oil-rich African countries.

The World Bank country director for Ghana, Ishac Diwan, said the stakes were high for Ghana’s new oil reality, as more and more offshore fields are discovered in West Africa’s Gulf of Guinea.

“Can Ghana do it is a big question. It would be a premiere actually and it would show the way to the Sierra Leones, the Liberias and Guineas, new democratic Guineas. So it is an extremely important experiment if I may say,” Diwan said.

A report gave a grade of C to all involved in Ghana’s oil quest

At an event organized by the non-governmental organization Oxfam America, Ghanaian civil society groups presented a report called “Ghana’s Oil Boom: A Readiness Report Card.”

It gave a mark of Cs, or fair, to all involved in the process, including donors like the World Bank, and civil society groups themselves.

Mohammed Amin Adam said civil society was trying hard but so far failing to get new laws signed and put into effect to force full contract disclosures between the government and oil companies as well as make the government show how it spends its oil revenue.

Adam said this transparency is necessary given the huge expectations Ghanaians have. “If you are transparent of how much you are receiving, how much you are spending, where you are spending it, those expectations will be moderated by themselves. And so the key here is transparency,” Adam said. “And this is why I will even build more expectations back in Ghana to put pressure on our government to invest this money well and transparently so that everybody knows where the money is going to and they can tell realistically what oil can offer and what oil cannot offer.”

He also expressed disappointment Ghanaian delegations had been sent to far away Trinidad and Tobago and Norway to learn from their oil experiences, rather than going to nearby Nigeria, to find out more about the difficult lessons learned there.

Another civil society representative, Nana Ama Yirrah, said Ghanaian villagers in western coastal areas nearest to the oil fields were already complaining about higher prices, pollution, fishing restrictions, and a lack of opportunities in the oil sector.

“The skills required for the oil industry is nowhere found within the communities, the kind of businesses that people are managing today in Ghana, the standards within those businesses are not the type that can fit into the oil industry. So it has become a very dicey issue that production has started and yet people are not seeing what they thought they would see,” Yirrah said.

Production started in December, and should reach output of 120,000 barrels per day within the next few months. Estimates are that Ghana could earn more than $1 billion a year from its existing Jubilee offshore oil field, and that further discoveries could boost these numbers.

Peter Allum, the chief of the Africa department at the International Monetary Fund, said it was essential Ghana’s government started making longer budget planning to figure out what to do with this money, and extend the current year to year approach.

“The budget ought to have a medium term vision so there is a clear relationship in the budgetary process between the medium term revenue stream or wealth associated with oil and what is envisaged to be done with that in the way of financing projects over a multi-year timetable,” Allum said.

Ghana’s ambassador to the United States Daniel Ohene Agyekum said it was important to focus on the positives, and the vibrant debate that is taking place to make sure Ghana’s oil is a benefit.

“There is no need to apportion blame to any particular group. We all recognize the good work that as a collective we have done to move the oil industry much ahead of time. And I am proud to say this as a Ghanaian,” Agyekum said.

The ambassador also agreed with other panelists that while a lot of focus is being put on oil, this should not mean Ghana’s important agricultural sector should be diminished.

By Nico Colombant (VoA)

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