Chevron and Shell have signed a non-binding memorandum of understanding with the Ghanaian government and Ghana National Petroleum Corporation concerning production rights for the South Deepwater Tano Cape Three Points oil and gas block.
Signed during AOW: Energy in Accra, the agreement establishes a framework for negotiating the final licence terms. Any subsequent agreement remains subject to further negotiations and regulatory approval.
The development comes as Ghana reviews its upstream petroleum framework in an effort to attract international investment and reverse declining production from its existing oilfields.
The proposed reforms are expected to address fiscal and regulatory conditions affecting new projects. Chevron and Shell’s interest could introduce additional deepwater investment and technical expertise as Ghana seeks to revitalise its upstream sector.
Image by Yoel Winkler on Unsplash
