GOIL Upstream Limited signs a farm-out and joint operating agreement with Planet One Limited

GOIL UPSTREAM LTD, (GUL) a subsidiary of GOIL PLC has signed a Farm-out and Joint Operating Agreements with Planet One Oil and Gas Limited, a natural resources company for the operation of the Deepwater Cape Three Points (DWCTP) BlockThe Group Chief Executive Officer and MD of GOIL PLC, Mr. Kwame Osei-Prempeh and the Chief Executive Officer of Planet One Oil and Gas Limited, Deepak Balaji signed for their respective companies.

The Farm Out Agreement, after being subjected to GNPC’s consent and the approval of the Minister for Energy, will enable the completion of an assignment of 75% Participating Interest from GOIL Upstream Limited to Planet One Oil and Gas Limited.GOIL Upstream Limited and Planet One will be guided by the Joint Operating Agreement, JOA which defines the respective rights and obligations of the Parties regarding the operations and activities under the Deepwater Cape Three Points Petroleum Agreement.

It will be recalled that following the withdrawal of ExxonMobil Exploration and Production Ghana Limited (EMEPGL) from the Petroleum Agreement in 2021, GOIL UPSTREAM LIMITED was assigned the 80% Participation Interest hitherto held by EMEPGL and directed to secure a farm in Partner.The signing of the agreement is thus in fulfilment of GUL’s mandate of finding a new partner to continue with petroleum operations in the DWCTP Block.

The Group Chief Executive Officers of GOIL PLC and Planet One Oil and Gas Limited, Mr. Kwame Osei Prempeh and Deepak Balaji assured of the execution of the mandates contained in the DWCTP Block Agreement.The Minister of Energy, Dr. Mathew Opoku Prempeh, commended the efforts of GOIL in successfully finding a partner and urged the parties to work harder to achieve the DWCTP project goals. He advised the parties to stay committed to the highest standards of Environmental Social Governance and take into consideration green energy solutions in the management of the DWCTP project.