President Akufo-Addo Confident of Growth in Oil Industry

President Akufo Addo has expressed confidence in the growth of Ghana’s oil industry following the agreement signed between Ghana and Exxon Mobil recently

According to him, the ruling of the three-year-long maritime dispute case between the country and Ivory Coast has engendered a new hope in Ghana’s oil industry, attracting investors.

“One obvious and immediate benefit following the resolve of the dispute between Ivory Coast and Ghana is the subsequent agreement of Exxon Mobil, the world’s largest publicly traded oil and gas company to explore and develop with us potentially rich oil blocs that were affected by the area that was in dispute between the two countries”, he said.

The President made the statement when he presented the State of the Nation Address in parliament today.

He pointed out that it is important for the country to pay equal attention to onshore oil exploration, particularly in the Voltaian Basin.

This, according to him will yield a positive results for the sector.

“Much as we all recognize the importance of exploiting the offshore hydro carbon resources of our nation, I think it will be equally critically for us not to ignore the possibilities of our onshore deposits, especially in the Voltaian Basin”

He disclosed that, directives given to the Ghana National Petroleum Corporation (GNPC) to explore opportunities on the onshore Voltaian Basin had recorded some positive results.

“So last year I directed our state owned oil development company, the Ghana National Petroleum Corporation, to pay particular attention to this, it is good to hear that, that directive appears to be yielding dividend as GNPC from the results of its private survey in the Voltaian Basin has established the presence of a working petroleum system and I hope that eventually there will be something to cheer about”.

Source: Citibusinessnews