Dubai-based Kampac Oil aiming at Ghana’s oil sector

A Dubai-based oil exploration and trading company Kampac Oil says it has secured extra funds for expansion into Africa. The company intends to expand its business activities especially into Ghana and South Africa.

According to the Gulf News, Kampac has secured an amount of €1.2 billion through a reverse merger listing on the Frankfurt Stock exchange on Monday under the name of Kampac International plc, generating 1 billion euros, and a 200-million-euro equity credit line facility with US-based fund company GEM Global, Charles Ampofo, CEO of the company has said.

He also told the Gulf News that the company wants to expand its exploration and oil trading activities into Ghana and South Africa. And as part of the plans, the company’s current staff strength of 800 will be increased.

Kampac has already signed an MoU with the government of Ghana to build 10,000 affordable housing units for the Ghana Police. The company also claims to have signed a 35-year project worth $1.6 billion with the Ghana Railway Corporation to build 800 kilometres of new railway lines and repair 400 kilometres of existing lines in the western part of Ghana.

Kampac’s activities comprise of exploration, refining, trading, distribution, infrastructure development, equipment supplies and services.

Ghana’s nascent oil industry has become attractive to oil companies across the globe. The country has the largest oil field to be discovered in West Africa in the last 10 to 15 years – the Jubilee oil field. According to Tullow Oil, the major stakeholders in the field, it contains 1.8 billion barrels of oil and has 17 wells. Tullow also says commercial production plans are on track and oil production will begin in December 2010.

By Emmanuel K. Dogbevi