Oil giant Exxon Mobil on Wednesday signed a Joint Operating Agreement with the Ghana Oil Company (GOIL) for Deep water Cape three Points Area Oil exploration in Ghana.
It follows the completion of an elaborate and rigorous due diligence by Exxon Mobil.
The agreement is also being sealed after a no objection to the approval from the Ghana Government represented by Ghana’s Energy Ministry.
This fulfills Ghana’s local content law which stipulates a 5 percent stake reservation for local entities. GOIL was selected to partner Exxon after a careful scrutiny of thirty local firms.
Managing Director of GOIL, Patrick Akorli is hopeful the agreement will pave way for enhanced training opportunities for employees and importantly, opening up more opportunities for employment.
Mr Akorli said “We are particularly excited at this agreement because it is an endorsement of our diligent and technically proficient work at the downstream sector over the years.
Background
Exxon Mobil in January 2018 signed an agreement with the Government of Ghana to explore oil in the West African country.
Per the agreement Exxon is expected to cede off 5 percent of its stake to a local firm in Ghana.
Over the last 135 years Exxon Mobil has evolved from a regional marketer of kerosene in the U.S. to the largest publicly traded petroleum and petrochemical enterprise in the world.
Source: Africafeeds.com
