More Competitive bidding expected for 6 available oil blocks – Energy Minister

Energy Minister; John Peter Amewu

By: Michael Eli Dokosi   

At the sidelines of the Africa Oil Week summit in South Africa, Ghana’s Energy minister; John Peter Amewu has pointed out that the country has learnt to better issue its oil blocks to get maximum returns than it has previously done.

He mentioned, this time the ministry and its stakeholders are doing a road show to elicit competitive bids for its available oil blocks.

The Petroleum Commission says there are 6 available oil blocks in the Tano Basin to be secured. Chief Executive Officer of the commission; Egbert Faibille Jr. told the gathering in Durban for the 25th oil week that “Ghana was safe for investment” urging those with the resources to make a move for the available blocks.

Ghana produces 180,000 barrels of oil a day and by better marketing its wells, the Petroleum Commission which regulates the upstream oil sector aims to ensure a better licensing regime.