ExxonMobil on course to get a credible local partner

The Petroleum Commission has disclosed that Exxon mobile will soon announce a local partner as part of the agreement for prospecting oil in the country.

According to the Commission, the company wants to ensure due diligence before making a choice.

This came up at a strategic roundtable discussion on Oil and Gas industry in Ghana organized by the Ghana Oil and Gas Club.

Ghana has signed a Petroleum Agreement with ExxonMobil for the Deep Water Cape Three Points area for ultra-deepwater oil exploration. 

The deal would have to be ratified by parliament after a local partner also appends its signature to start operations. 

Under the deal, ExxonMobil is expected to carry out the work programme as operator and holds 80 per cent interest while the Ghana National Petroleum Corporation (GNPC), acting on behalf of the government holds 15 per cent interest.

Per the terms of the agreement, ExxonMobil will work with the government to identify a Ghanaian company to potentially hold up to 5 per cent of the interest.
Manager of Local Content at the Petroleum Commission, Kwadjo Asare Kyei told JoyBusiness that despite the delay in getting a local company to partner

Exxon mobile as part of the agreement for prospecting oil, the Commission has been engaged on several occasions and is very sure that Exxon will soon announce a credible local partner.

Mr Asare Kyei said, "I can say they are on course because they are still trying to ensure quality. They need a local partner with the capacity to deliver as an oil exploration company so they are still on the due diligence process.

Once it is complete, the commission will be notified and the agreement will now go to parliament, we're discussing quality and they need to settle on a local partner who can bring quality on board so they need to take their time.”

He added, “I am sure in due time, they will settle on a partner and begin full operations.”

Established in 2010, The Ghana Oil Club was conceived by a group of Oil, Gas and Energy industry professionals, before Ghana’s new energy sector policy and realization of first oil.

The program is to give an opportunity to industry players to have a detailed discussion on making an entry and becoming successful in the sector.

The event is a partnership between the Ghana Oil Club and the Oil and Gas Year.

 

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