Ghana’s GOIL to seek deepwater partner

ACCRA, April 30, 2018 – Ghana Oil Company (GOIL) has announced plans to move into the upstream sector by partnering with an IOC with deepwater experience, local media reported Monday.

“The vision in the near future is to be a major player within the upstream oil industry – not only the downstream where we find ourselves. And so, we think that the company is well-structured and strong enough to be able to partner [with] some of the exploration companies in undertaking exploration and production activities within the country,” the Business & Financial Times quoted board chairman Kwamena Bartels as saying.

The company’s COO, Alex Josiah Adzew, added that the company has the financial strength to participate in the upstream sector. “We think that GOIL is very strong enough to play that role by partnering [with] any of the well-known exploration and oil-producing companies in the world to operate here in Ghana.”

GOIL was created in 1960 as a private limited liability company, Agip Ghana. In 1976, the government of Ghana purchased the Agip and Hydrocarbons International holdings of the company and changed the name to Ghana Oil Company, transforming it into a public company in 2007.

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