State-owned Ghana Oil Marketing Company (GOIL) has been given permission as the minority partner for the Exxon Mobil deep water offshore oil field activities in Ghana.
The approval will enable ExxonMobil to fast track activities that will lead to exploration and production since the search for a local partner had already delayed the project.
ExxonMobil’s investment in Ghana’s oil sector was the first major one following the landmark ruling by ITLOS in the maritime border dispute between Ghana and Ivory Coast, in September 2017.
The apparent victory by Ghana gave the country an appreciable reputation among the global oil giants, attracting more oil production firms.
The deal with ExxonMobil was however criticized by some Civil Society Organization because government choose to negotiate directly with the oil firm.