Ghana issues first onshore oil exploration license

OilThe Swiss African Oil Company, a subsidiary of Swiss African Petroleum AG, and PET Volta Investments, have been awarded a new exploration and production license at the Keta Delta block, in the Volta Region.

“The acquisition makes Swiss African Oil and PET Volta the first to explore for oil onshore Ghana,” the companies said in a joint statement to the Ghana News Agency on Wednesday.

The Keta Delta block license was awarded following ratification by Parliament of a joint venture between the Government, the Ghana National Petroleum Corporation, Swiss African Oil Company Limited and PET Volta Investments Limited, the statement said.

The new block covers an area of 3000 square kilometres.

The statement said the company envisages that the commencement of operations would provide employment and stimulate local development of the Region.

Source: GNA

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