Ghana has become the attraction for major global players in the oil industries. Some of the companies that have shown interest in doing oil and gas business in Ghana include Royal Dutch Shell, China National Offshore Oil Company (CNOOC) and Indian state-run Oil & Natural Gas Corporation (ONGC).
But there is a new entrant, a Nigerian oil company. The Vanguard, a Nigerian publication has reported that UTM Oil and Gas Limited, a Nigerian oil interest is extending its business into Ghana.
According to the publication, the Group Managing Director and Chief Executive Officer, Mr. Julius Rone has gone as far as having a meeting with Ghana’s Vice President, John Mahama at the seat of government – the Osu Castle in Accra.
The report noted that the discussions centred around the Jubilee oil field. The Jubilee field is the largest to be discovered in West Africa in the last 10 to 15 years. It is reported to have around 1.8 billion barrels of oil according to Tullow Oil, one of the major stakeholders in the filed and it has 17 wells.
Commercial production of oil is expected to begin in June 2010.
By Emmanuel K. Dogbevi