Cape town. Oil majors Shell and Chevron have signed a non-binding agreement for the acquisition of production rights over Ghana's South Deepwater Tano Cape Three Points oil and gas block, Ghana's energy minister said.
The memorandum of understanding with Ghana National Petroleum Corporation, signed on Tuesday, comes as the West African country looks to encourage investment and help reverse declining output.
Shell said the agreement provides a framework for further negotiations of final license terms, and is subject to relevant approvals. Chevron confirmed the MoU, saying it is "constantly reviewing new global exploration opportunities".
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