GOIL, ExxonMobil sign partnership

ACCRA, November 30, 2018 – Ghana Oil Company (GOIL) and ExxonMobil have signed a joint operating agreement for exploration on the Deepwater Cape Three Points block, local media reported Thursday.

GOIL is incorporating a new company, GOIL Offshore, to undertake the upstream activities for the group, Ghana News Agency reported.

“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 an] international firm like ExxonMobil in undertaking exploration and production activities within the country,” the managing director and CEO of GOIL, Patrick Akorli, said.

GOIL announced plans to move into the upstream sector by partnering with an IOC with deepwater experience in April and was reported to be the leading bidder to partner with Exxon on the Deepwater Cape Three Points block in May. The Energy Ministry saw the company as the most appropriate candidate because it can access capital through the Social Security and National Insurance Trust, which owns a 25% stake in GOIL.