The Ghana National Petroleum Corporation (GNPC) has signed an agreement with Exxon Mobil, one of the largest oil-exploring companies in the world for an exploration mission in the Deep Water Cape Three Points.


Under the agreement, Exxon Mobil will be taking 80 per cent, GNPC, 15 per cent and a yet-to-be-named indigenous company taking the remaining five per cent.


Officials of the Ministry of Energy, led by the sector Minister, Boakye  Agyarko, the Chief Executive Officer of the Ghana National Petroleum Corporation, K. K. Sarpong, the CEO of the Petroleum Commission, Mr Egbert Faibille and Vice President of Exxon Mobil, Pamela Darwin, Africa were present for the signing ceremony.


After signing the agreement, executives of Exxon Mobil paid a courtesy call on President Nana Addo Dankwa Akufo-Addo at the Flagstaff House.


President Akufo-Addo described the journey of Exxon Mobil to Ghana as a “long and tortuous one,” and gave the assurance that he would ensure that Ghana remained a faithful partner to the agreement that had been signed in order to secure the nation’s interest. 


He also urged Exxon Mobil to ensure that they respected and kept their side of the bargain. President Akufo-Addo expressed confidence in the ability of Exxon Mobil as a renowned oil and gas company with a huge financial and technological expertise to boost the country’s oil and gas exploration.


He indicated that now that the paper work was over, he looked forward to seeing people on the ground working to make the Exxon investment in Ghana a success. The President said the company commanded tremendous financial and human resource expertise with the best cutting-edge technology.


Their presence in the country, he said, also presented an opportunity for skills transfer to the people of Ghana, saying Exxon Mobil’s decision to invest resources in the deep wells was good news.


He noted that per the nature of the agreement, there was the need to seek parliamentary ratification and expressed the hope that when Parliament resumed, the agreement would be ratified.


The President urged the Speaker of Parliament and Members of Parliament to expeditiously work on the agreement in order for Exxon Mobil to begin its operations lawfully.


He applauded the efforts and hard work of the negotiating teams and said he was convinced that the agreement would ensure an optimization of potential returns for the good people of Ghana.


He said a fourth party; an indigenous company would also sign an agreement to make it effective.


The Vice President of the Exxon Mobil for Africa, Pamela Darwin, assured the President that her outfit would do all it took to ensure that its oil exploration mission is successful and mutually beneficial to both parties of the agreement.


Source: ISD (Rex Mainoo Yeboah)