AGR, Minexco move into Ghana’s South Deepwater Tano

Ghana’s cabinet has approved a deal between Ghana National Petroleum Corporation (GNPC) and AGM Petroleum Ghana to explore the South Deepwater Tano Block. AGM Ghana is a subsidiary of AGM Gibraltar, owned by Norway’s AGR Energy (49.5%), Minexco (48%) and local player MED Songhai Developers (2.5%). GNPC will jointly operate the block through its new upstream subsidiary, GNPC Exploration and Production Company Limited, with a 79% stake. AGM Gibraltar will hold a 21% interest through its local subsidiary AGM Ghana, although the agreement is still subject to parliamentary ratification.