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The cabinet in Ghana has approved a petroleum agreement between Ghana National Petroleum Company (GNPC), GNPC ExploreCo, and GM Petroleum Ghana Limited (AGM) for offshore deep water exploration off the southern coast of Ghana.

This approval will now sent to the Parliament for the next stage of the approval process.

A statement issued by GNPC said AGM Ghana was selected through a competitive and transparent bid process to become the partner to GNPC to jointly apply for, own, and operate the South Deepwater Tano Block Concession, to undertake offshore petroleum exploration.

Mr. Sverre Skogen, Chairman of AGR Energy and Executive of AGM said about the deal:

“The partners are delighted to have received Cabinet approval for the South Deepwater Tano Block Petroleum Agreement. We look forward for parliamentary approval and bringing our significant collective experience in deep water exploration around the world to bear on this exciting block for the benefit of all, the people of Ghana, GNPC and our stakeholders – shareholders.”