Shell and Chevron sign Ghana exploration MoU as Petrobras targets oil blocks

Shell and Chevron have agreed a memorandum of understanding to explore opportunities in Ghana’s Eastern Keta Basin, according to Ghana Investment Promotion Authority (GIPA) chief executive Simon Madjie.

The development comes as Brazil’s Petrobras also considers opportunities in Ghana’s oil sector, with the company reported to be examining some of the country’s acreage and blocks.

Mr Madjie said discussions involving Shell and Chevron were continuing when he spoke on Joy News’ PM Express Business Edition on Thursday.

“But what we all know is that at Africa Oil Week, Chevron and Shell signed an MOU to look at work in the Eastern Keta Basin. So that’s ongoing.”

He added that Petrobras’s interest was another indication of activity in Ghana’s petroleum industry.

“We also saw the interest of Petrobras announced in the newspapers, you know, to really look at some of the acreages and blocks that the country has”.

The GIPA chief executive also referred to significant investment plans from companies already active in Ghana’s oil operations.

He said the partners in the Jubilee field intended to invest $2 billion and drill 20 wells. He also pointed to a $1.5 billion investment announcement involving ENI and its partners.

“And so there’s a lot of activities within that space. I’m sure folks at the Petroleum Commission will give you a lot more technical details.”

Mr Madjie said the announcements reflected both new interest in Ghana’s oil blocks and further investment in existing projects. He said questions about the technical aspects of the work should be directed to the Petroleum Commission and the ministry.

Asked whether ExxonMobil could return to Ghana, he confirmed that discussions had taken place but said details could not yet be made public.

“I knew that there were some talks for them to come back. It’s not something that can be disclosed now.”

He referred further questions about ExxonMobil’s potential return to the Energy Minister and the Petroleum Commission.

“So I, I think you leave that entirely to the Minister of Energy and Petroleum Commission.”