Exxon Mobil set to begin Oil exploration in Ghana.
Exxon Mobil, the world’s fourth largest oil company is ready to begin full-scale exploration for oil in Ghana. The base for the exploration is the West Cape Three Points in the Western Region; near Ivory Coast.
The Global Oil giant has also selected Ghana Oil Company Limited (GOIL) to be its local partner. This is to ensure the accordance of the country’s local content laws. The activities of Exxon Mobil in Ghana will help boost oil production in the country. Forecast asumes that the Oil production will increase from the present 180,000 barrels per day to about 1.5 million in about three years. It will also hit a peak of about 3.5 million barrels per day afterwards.
The Ghanian governemnt have also signed a no objection notice to Exxon Mobil for the choice of its preffered local partner for exploration of the Deepwater Cape Three Points (DWCTP) Block. Ghana’s Energy Minister, Mr John-Peter Amewu signed the notice.
According to Ghana’s Regulation 4(2) of LI 2240 and states; to acquire a petroleum license, there must be a selection of an indigenous Ghanaian company as a partner and also the indigenous Ghanaian company shall have atleast five percent equity participation.