8. Deepwater Cape Three Points
GOIL Upstream (Operator), GNPC.
Effective Date/Initial Exploration Period
Effective Date: November 28, 2018
Initial Exploration Period (2.5 years): November 28, 2018 – May 27, 2021
Minimum Initial Exploration Programme
- Acquire, process and interpret 2,222 km square of 3D seismic
- Drill one (1) Exploration Well
Observation as of 2022
GOIL Upstream becomes the block operator after acquiring ExxonMobil’s interest and seeks farm-in partners for financing, while having an outstanding surface rental payment.
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 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.