The nation’s foremost indigenous Oil Marketing Company, GOIL has completed the joint-operating agreement with EXXONMOBIL of the United States for Deep-water Cape three Points Area Oil exploration.
The agreement between GOIL and ExxonMobil followed the completion of an elaborate and rigorous due diligence done by ExxonMobil for a local partner.
The Group CEO and Managing Director of GOIL, Patrick Akorli who signed on behalf of GOIL, said the agreement fulfils the Local content law which stipulates a five percent stake reservation for a local entity.
He noted that as the biggest, indigenous Oil marketing entity in Ghana, GOIL is optimistic the agreement will also pave the way for enhancing training opportunities for employees and importantly, opening up more opportunities for employment.
“We will be training our young ones so that in future, 5 or 6 years to come, we would have built a skilled group of people who can actually effectively work in the upstream.”
The GOIL Group CEO said the company intended to fulfil its part of the agreement to become a strong, vibrant and competitive player in the Upstream Petroleum sector of the country’s growing Oil industry.
Director and Venture Manager, ExxonMobil E&P Ghana Deepwater Limited, Randi Cruz led a five-member team who participated in the signing of the partnership agreement said the company was excited about the partnership and looked forward to Parliament ratifying the agreement for real work to begin.
“We are really excited as a company to be here in Ghana and partnering with GOIL is an honour for us and we are looking forward to expedient ratification so we can start our operational activities,” she said.
The Board Chairman of GOIL, Kwamena Bartels described the joint agreement as historic, which opens a new chapter in the GOIL Group.
“The experiences and the capacity of ExxonMobil is such that we believe their services will give GOIL the advantage of being in a position on its own to move into the upstream in the oil exploration production business.”