ExxonMobil, the world’s biggest deepwater oil company, is to begin full-scale exploration for oil in Ghana’s West Cape Three Points in the Western Region, near Ivory Coast.
This follows a no-objection notice from the government after the global oil giant had selected the Ghana Oil Company Limited (GOIL) to be its local partner, as per the Local Content laws of the country.
Although not officially confirmed, some experts believe that the entry of ExxonMobil, which is said to have the world’s best and sophisticated equipment to undertake deepwater exploration, will help the country drastically boost its oil production from the present 180,000 barrels per day to about 1.5 million in about three years, hitting a peak of about 3.5 million barrels per day afterwards.
A letter signed by the Minister of Energy, Mr John-Peter Amewu, on October 19, 2018 and sighted by the Daily Graphic in Accra said: “I refer to your letter dated October 8, 2018 on your preferred indigenous Ghanaian companies for the purpose of fulfilling the condition for the full execution of the agreement over the Deepwater Cape Three Points Block.”
“The selection of an indigenous Ghanaian company as a partner in a petroleum license is a requirement by law specifically provided for in Regulation 4(2) of LI 2240 and states as follows – There shall be at least five percent equity participation of an indigenous Ghanaian company other than the corporation to be qualified to enter into a petroleum agreement or a petroleum license,” it added.