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Article: Vanco and LUKOIL Sign New Petroleum Agreement in Ghana - Drilling Unit Leaves Port for Deepwater Drilling.
- Article from:
- Business Wire
- Article date:
- April 1, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ACCRA, Ghana -- The Government of the Republic of Ghana, the Ghana National Petroleum Corporation (GNPC), Vanco Ghana Ltd. and LUKOIL Overseas Ghana Ltd., signed a new Petroleum Agreement, covering the Cape Three Points Deepwater block. This agreement will replace the existing Petroleum Agreement which expires at the end of April 2009. The new agreement provides Vanco and LUKOIL with the opportunity to continue the exploration of the area, during which new 3D seismic and additional drilling activities are planned. The new agreement also provides GNPC and the government of Ghana with significant commercial benefits, including higher royalty and increased GNPC participation. ...