Ghana spend 80 million dollars on oil exploration

Ghana has so far invested 80 million dollars in exploration business in the country. Nana Asafu-Adjaye, Exploration Manager of Ghana National Petroleum Corporation (GNPC) who revealed this in Accra said five companies have so far signed agreements with the state and GNPC for exploration works.

The Chief Executive of GNPC Mr. Tsatsu Tsikata, told pressmen that Ghana has experienced good exploration activities in the last three years but declined to comment on a recent ?Daily Graphic? report that said a U.K company, Dana Petroleum has struck oil in Ghana. He said the GNPC has a professional responsibility to wait for scientific results before commenting on the report. He however said that substantial discovery of oil in the Gulf of Guinea raises hope that Ghana has great exploration potential.

Mr. Tsikata urged African governments to develop the human resource base of their countries to ensure that the continent achieves the objective as the Petroleum Province of the 21st century.

Mr. Tsikata said Oil and Gas Africa 2000 conference scheduled to take place in Accra from March seven to 10 would enable operators in the African oil industry to have the opportunity to interact with their international counterparts to help in the trade and financing of the industry.

The Public Relations Manager of GNPC, Ms Esther Cobbah said the source of gas for which the West Africa Gas pipeline would be constructed is the Western Delta of Nigeria, which has a reserve of 40 trillion cubic feet. The pipeline to be constructed from the Western Delta in Nigeria to Effasu in the Western region of Ghana would be 800 kilometres long, and the estimated cost of the first phase of the project is 400 million dollars. She said natural gas ?would fuel the development of the Region, and give West Africa its position in the global village".