The Chair of the Committee on Mines and Energy, Dr. Kwabena Donkor, who submitted the request for adoption of the Commission`s report on the agreement, said that the committee had indicated that the oil agreement provided for provisions for the effective participation of the GNPC in the management of oil exploitation with regard to the bloc. Houston-based oil and gas company Vaalco Energy has signed a sales contract for … The former Attorney General stated that the current structure in which oil companies were selected without recourse to open bids does not allow the country to obtain cheap value for money. This year, Kosmos and its partners will conduct a 3D seismic survey, which is part of the initial phase of a seven-year exploration agreement. After processing and interpreting the seismic data, Kosmos plans to drill an exploration fountain on the block located about eight kilometres from the Ghanaian coast and 95 kilometres southwest of the port city of Takoradi. Papa Owusu Ankomah, a Socialist MP, also expressed concern about the way the country`s oil blocks are distributed to oil companies for oil exploration and production. The exploration period was divided into three phases, the first exploration period, the first two and a half years, the first extension period, the next two years, and the second, which is expected to last a year and a half. The agreement has a total term of 25 years, subject to the discovery of oil within the first seven years during the exploration period and the contract expires after seven years if no commercial discoveries are made. The agreement applies to the deepwater Cape Three Points West Block, which has an area of approximately 944 square kilometres in the Tano Cape Three Points Basin in the western region. Energy and Petroleum Minister Emmanuel Armah Buah said in an article: “The government has always complied with the Constitution, GNPC laws, oil commission laws, environmental protection laws, impact laws, including the granting of oil exploration rights to oil companies.” Evaluation of existing datasets (seismics, wells, etc.) to assess existing discoveries (Banda and Odum) and newly mapped interested individuals in Cenomanian, Turonian and Campanian to understand the block`s prospects.