Ghana scores high in maiden oil bid & licensing round for six oil blocks offered to investors
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Ghana scores high in maiden oil bid & licensing round for six oil blocks offered to investors

- Ghana has been ranked high with regard to its first licensing bid for six oil blocks its gave out to investors

- The assessment was done by the Civil Society Licensing Round Monitoring Group

- The Group gave Ghana a score of 70% on the average after taking 4 key areas into consideration

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YEN.com.gh has learned that Ghana has gained satisfactory scores in its first licensing bid for six oil blocks it gave out to investors.

Information available shows that the Civil Society Licensing Round Monitoring Group revealed Ghana’s 70% mark is satisfactory.

The assessment took into consideration the manner in which the government handled the licensing bid in four thematic areas.

READ ALSO: Ghana discovers another oil reserve at Avenor - Akufo-Addo

Per a report by Ghana Web, the areas taken into consideration were procedural requirements on competitive bidding, direct negotiations, compliance with calendar of events under bidding round and public engagements.

It has been gathered that the Ghana scored 70% in procedural requirements and 80% in compliance with calendar of events under bidding round.

It also scored 55% in direct negotiation and 50% with public engagements.

The entire process cumulatively scored 70 percent, which is interpreted as satisfactory on the adopted grading scheme.

In October 2018, President Akufo-Addo launched Ghana’s first oil and gas exploration licensing round.

The Ministry of Energy thereafter earmarked six oil blocks for exploration.

Three of the blocks were to go through competitive bidding process while two blocks were allotted direct negotiations.

One of the blocks was reserved for Ghana National Petroleum Corporation (GNPC).

In other news, fresh reports coming in show that Ghana is likely to lose an estimated GHC4,149,467,250 in the wake of falling oil prices on the world market.

YEN.com.gh understands that this represents about half of Ghana’s projected oil revenue for the year 2020.

The situation would become a reality if oil prices continue to decline or stay at around $30 a barrel for the rest of the year.

READ ALSO: Oil prices plunge by another 16%; sparks fears of storage

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Source: Yen

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