He said Ghana was able to provide documentary proof of this when its eastern neighbor Cote d’Ivoire challenged the country’s claim to the territory of rich crude oil fields.
Mr Noonoo said Cote d’Ivoire had since accepted Ghana’s territorial claim to the area where the oil fields were located.
He said the future of the sector looked very promising for Ghana and this was attracting the interest of many reputable international oil companies and major players in the services industry across the world.
He said apart from the revenue to be gained from the sale of Ghana’s share of the crude oil the country stood to gain immensely from corporate taxes from the oil companies after their tax holidays come to an end.
Mr Noonoo said gas from the oil fields would also provide cheaper energy to drive the country’s industries thus easing reliance on hydro energy which would then come cheaper to domestic consumers.
The gas would also provide a cheap source of fertilizer for the country’s agriculture sector which now relied heavily on imports.
Mr Noonoo said the country’s emerging crude oil industry belonged to young people who must acquire the requisite training to find places in the core industry and its related activities.
He urged Ghanaians to position themselves to capture the commanding heights in the industry and other economic activities it would generate.
Mr Noonoo urged journalists to get well informed about the industry and its technicalities so that their reports and articles would be accurate and informative.