Government will today open a competitive tender process to auction six out of nine prepared blocks in the Tano basin, offshore Cape Three Points in the Western Region.
The move, which the industry has welcomed as timely, also fulfils the country’s plan to increase the production of oil and gas to generate more revenue for development, while ensuring greater transparency and value for money in oil resource utilisation.
Out of the nine blocks, six will be allocated between 2018 and 2019, while the remaining three will form the basis for a second round bidding where nationals are expected to feature prominently.
President Akufo-Addo is expected to open the blocks up for competitive tendering at a short ceremony in Accra this morning.
