Deepwater Cape Three Points

The Contractor, in collaboration with Halliburton Ghana Limited, licensed 3D seismic data over the block on a multi-client basis and conducted geological and geophysical studies. These studies are intended to assist the Contractor in identifying a suitable location for drilling its first exploratory well. There is no outstanding surface rental balance.

On December 6, 2023, GOIL Upstream signed Farm-In and Joint Operating Agreements with Planet One Oil and Gas Limited, transferring operatorship of the block to Planet One. According to the Petroleum Commission, Planet One also began arrangements to contribute to the cost of 3D seismic data previously acquired by PGS, under the Multiclient Agreement with the DWCTP contractor group.

GOIL Upstream, after months of promotion of the block, on 6 December 2023 signed a Farm-in Agreement and Joint Operating Agreement with Planet One Oil and Gas Limited. These agreements have since been submitted to the Minister of Energy and GNPC for approval and consent respectively. GOIL Upstream has an outstanding surface rental balance of US$73,700.

The state assigned the 80% interest relinquished by ExxonMobil in 2021 to GOIL Offshore (now GOIL Upstream) in May 2022, making it the block operator. GOIL Upstream is currently seeking farm-in partners to finance its exploration campaign on the block.  The block is part of the 6 selected blocks the Ministry of Energy marketed to investors as part of the 2022 Ghana Oil and Gas Roadshows in Houston, USA and London, Aberdeen in the UK. Concerning payment obligations, GOIL Upstream has an outstanding surface rental payment of US$147,400 with respect to the Deepwater Cape Three Points block. The state assigned the 80% interest relinquished by ExxonMobil in 2021 to GOIL Offshore (now GOIL Upstream) in May 2022, making it the block operator. GOIL Upstream is currently seeking farm-in partners to finance its exploration campaign on the block.  The block is part of the 6 selected blocks the Ministry of Energy marketed to investors as part of the 2022 Ghana Oil and Gas Roadshows in Houston, USA and London, Aberdeen in the UK. Concerning payment obligations, GOIL Upstream has an outstanding surface rental payment of US$147,400 with respect to the Deepwater Cape Three Points block.

The contractors on this block are required to acquire, process, and interpret 2,200 square kilometers (850 square miles) of 3D seismic data and an optional exploration well in their initial exploration phase. The contractors were granted a restitution time of nine (9) months by the Minister for Energy to compensate for the time lost due to the COVID-19 pandemic. In May 2021, ExxonMobil voluntarily relinquished their full interests (80 percent) in the block after successfully fulfilling the relevant minimum work obligations. The 80 percent interest relinquished by ExxonMobil has reverted to the State. The contractors on this block are required to acquire, process, and interpret 2,200 square kilometers (850 square miles) of 3D seismic data and an optional exploration well in their initial exploration phase. The contractors were granted a restitution time of nine (9) months by the Minister for Energy to compensate for the time lost due to the COVID-19 pandemic. In May 2021, ExxonMobil voluntarily relinquished their full interests (80 percent) in the block after successfully fulfilling the relevant minimum work obligations. The 80 percent interest relinquished by ExxonMobil has reverted to the State.