Stocks
Shell and Chevron Sign Initial Pact for Ghana Offshore Block
Energy Minister John Jinapor announced that Shell and Chevron have signed an initial agreement to acquire production rights for Ghana's South Deepwater Tano Cape Three Points oil and gas block.
The non-binding memorandum of understanding with Ghana National Petroleum Corporation is part of the country's efforts to encourage investment and reverse declining oil output.
Ghana's crude oil production dropped from 71.44 million barrels in 2019 to 48.25 million barrels in 2024, according to the US International Trade Administration.