Oil
giant Exxon Mobil is to begin exploration of oil in Ghana later this year.
Government
began evaluating the application of the oil giant since 2014. An agreement
to that effect is set to be signed next week to pave way for the exploration.
Meanwhile,
Government says it is working to attract more foreign investors into its oil
and gas exploration sector.
Energy
Minister, Boakye Agyarko, says the move has become important to help the nation
have enough oil reserves to push economic growth.
“For the upstream sector, the ministry intends
to pursue aggressive basin promotion. Especially, the central, eastern and
outer continental shelve and voltain basins to attract competent companies,
particularly the majors into these basins to increase exploration activities.
Commercial discoveries from such exploration will not only increase the country’s
reserves but create needed jobs and significantly increase revenue to the
state,” Mr. Agyarko said at the maiden meeting with some agencies.
The
ministry is also looking at enhancing transparency in the awarding of oil and
gas contracts.
For the
downstream sector, the Mr. Agyarko mentioned that, Ghana is working at creating
a Petroleum Hub.
“The
petroleum hub project will increase the presence of major international oil
trading and storage companies. Create regional trading champions and encourage joint
ventures between local and international companies for direct foreign
investment, technology and knowledge transfer and wealth creation”.
Source:
StarrFMonline.com
