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The Ghana National Petroleum Corporation (GNPC) is seeking parliamentary approval for a US$1.65bn loan to buy a 70% stake in the South Deep Water Tano (SDWT) and a 37% stake in the Deep Water Tano/Cape Three Points (DWT/CTP)

GNPC, through GNPC Explorco, is participating in the upstream sector.

The SDWT is operated by AGM Petroleum Ghana Limited and the DWT/CTP is operated by Aker Energy Ghana Limited.

As reported in Modern Ghana, the company is expected to form a joint operating company and acquire the stated stakes at different agreed prices.

Quoting GNPC, the source has further reported that this partnership would be critical because prevailing situations like the exiting of oil biggies from the West African nation needed that it develops its capacity and takes up a large part of the exploration activities before Ghana’s oil sees a terminal decline.

The partnership is expected to help Ghana in producing an additional 200,000 barrels of crude oil in next four to five years, the source further reported.