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”.