Vanco Ghana signed a petroleum agreement with the government of the Republic of Ghana, represented by the Minister of Energy and the Ghana National Petroleum Corp. for the Cape Three Points deepwater block offshore Ghana, West Africa.
Vanco, as operator, committed to the 2.5-million-acre block in a signing ceremony in the capital city of Accra today. The agreement was ratified by Ghana's parliament on July 12. GNPC has a 15% interest, with Vanco owning the remainder.
The Cape Three Points block covers the rest of the deepwater Tano, and Cape Three Points area ranges in water depths from 100 m to 3,000 m, with principal interest in the deepwater from 1,000 m to 3,000 m.
Vanco has signed American International Exploration Group to shoot 2,220 km of 2D seismic.
Vanco's President Gene Van Dyke says, "Our decision to go after Cape Three Points Deep came after having studied offshore Ghana for nearly three years."
With the Cape Three Points license offshore Ghana, Houston-based Vanco now operates offshore seven African countries and is active in eight. Vanco is gearing up for a major deepwater drilling program offshore Africa in 2003.
Courtesy Chevron
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