• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

This is how much it cost GNPC for the additional 7% stake in TEN and Jubilee fields

4 years ago
in Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
305
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The additional seven percent stake acquired by the Ghana National Petroleum Corporation (GNPC) in the Tweneboa, Enyenra, Ntomme (TEN) and Jubilee oil fields came at a cost of $199 million to the National Oil Company (NOC).

The acquisition of the seven percent stake of Anadarko Petroleum Corporation which is now owned by Occidental Petroleum, the GNPC noted in a press release dated October 14, 2021, adds to its existing Carried and Participating Interest (CAPI) of 13.64% in the Jubilee Field, and the 15% in the TEN Field.

According to the NOC, the interests acquired will be transferred to GNPC’s subsidiary, the GNPC Exploration and Production Company (GNPC Explorco).

Commenting on the acquisition, the Chief Executive of GNPC, Dr Kofi Koduah Sarpong said, “This acquisition is of immense benefit to GNPC as it allows GNPC
Explorco to start generating cashflow for its activities. There is also a debt write-off in excess of USD30 million from KOSMOS Energy. Kosmos Energy has also agreed to train GNPC technical staff in support of GNPC’s quest to build operator capacity”.

GNPC’s acquisition of Anadarko’s seven percent stake in the two oil blocks is in line with the GNPC and government’s strategy to increase participating stakes in the country’s viable oil blocks.

With the acquisition, GNPC Explorco will become part of the contractor group for the two oil blocks, together with Tullow, Petro SA and Kosmos Energy.

Read: Republic Bank gains 4% in stock price on the local bourse

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Background

Anadarko Petroleum Corporation is reportedly said to have sold its 7 percent stake in the TEN and Jubilee oil fields to American upstream firm, Kosmos Energy.

According to deep throat sources, the sale of the shares by Anadarko to Kosmos Energy was completed Wednesday, October 13.

The sale of the 7 percent shares to Kosmos Energy allows Ghana National Petroleum Corporation (GNPC) to own 7 percent more in the TEN and Jubilee blocks.

Currently, GNPC owns stakes of 13.64% and 10% in the Tweneboa, Enyenra, Ntomme (TEN) and Jubilee oilfields respectively.

Earlier, there was trench warfare between the companies engaged in the battle for the stakes in the two oilfields.

Reports say that in mid-September, in an attempt to get final approval from the Energy Ministry, Kosmos offered the 7% stake in Jubilee and TEN.

Asset sales are a key part of the strategy of Occidental, the parent company, to pay back debt after long-term borrowing surged nearly five times to more than US$48 billion following the 2019 purchase of Anadarko Petroleum Corp.

Occidental has sold nearly $9.2 billion of assets since then, according to data compiled by Bloomberg. Occidental acquired the Ghana assets under the Anadarko takeover.

Source: norvanreports
Tags: ghanaGNPCGNPC Exploration and Production Company (GNPC Explorco)Occidental PetroleumTEN and Jubilee fields
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.