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28.05.2007 Business & Finance

Gasop to commence exploration

By Business & Financial Times

Government has signed a petroleum agreement with Gasop Oil Limited, a subsidiary of Omega Maritime and Energy Limited for exploration rights licence for 2,050 Sq Km acreage within the next four years

To this end, Gasop is to commence the explorations work for the production of commercial quantities for oil and gas in Saltpond Basin in the country.

Under the agreement Gasop Oil limited is to spend a minimum of $28 million in seven years for exploration work on Block 10, South Saltpond Basin.

Mr. Okey Nzenwa, Chief Executive Officer and Managing Director of Gasop Oil Limited at the signing ceremony in Accra said in the first phase of the exploration progamme Gasop is expected to conduct a 1000 sq km survey this year which will enable the company to carryout drilling programme in 2008.

The Saltpond basin has a proven hydrocarbon accumulation since the only Oil producing well in Ghana is in the North Saltpond Basin.

The company is also expected to engage in the exploration of crude oil and natural gas, as well as the domestic marketing and transportation of petroleum products.

“The prime objective of Gasop Oil Limited is to carry out exploration and production in the Saltpond Basin offshore Ghana it includes two wells drilled in the areas namely, Takoradi and Shama which has a significant a mount of oil and gas deposition”.

With operations that embrace the basins of West Africa, Gasop strives to be the company of choice for partners, customers, neighbours and employees.

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