President lauds Exxon Mobil’s entry into to Ghana’s energy sector

Accra, Jan. 18, - President Nana Addo Dankwa Akufo Addo, on Thursday, said he was confident that the American multinational oil and gas corporation, Exxon Mobil’s entry into Ghana’s fledgling oil and gas sector would boost the country’s hydrocarbon development.

     

Interacting with officials of Exxon Mobil at the Flagstaff Accra, moments after the company, the fifth largest in the world, signed an agreement with the Ghana National Petroleum Corporation (GNPC) in Accra, the President said he was optimistic that the agreement in its entirety would bring benefits to Ghana.

    

The two sides- Exxon Mobil and GNPC- signed an agreement to explore oil in the deepwater Cape Three Point offshore (DWCTP) oilfield, following negotiations that started in 2015. Per the agreement, Exxon Mobil will hold 80 per cent interest in the DWCTP, while GNPC will hold 15 per cent. Exxon Mobil will select a local partner to own the remaining five per cent as the laws of Ghana stipulates.

    

President Akufo-Addo said his expectation was that Exxon Mobil’s expertise, resources and best practices would be brought to bear on Ghana’s energy sector.

    

He assured Exxon Mobil that Ghana would abide by the dictates of the agreement, and urged the company to also respect the terms of the deal for the mutual benefit of both parties, saying, “We are determined to work with you”.

    

The President told the Exxon Mobil team that benefits of the investment they are making in Ghana should accrue to Ghanaians, because they were the ultimate beneficiaries of the agreement.

   

He was confident that the deal would present an opportunity for skills transfer and would enhance the energy sector.

    

However, the deal has to be ratified by Parliament before both parties set to work.

    

President Akufo-Addo urged Parliament to expeditiously approve the agreement for the company to commence work at the Cape Three Point.

    

“It is important that as soon as possible, Parliament act expeditiously and approve the transaction,” he said

    

“I look forward to seeing people on the ground working to make the Exxon investment in Ghana a success,” he added.

      

Pamela Darwin, Vice President of Exxon Mobil for Africa said the company looked forward to working with Ghana and expressed the hope that the deal would be beneficial to both entities.

GNA