President Akufo-Addo has lauded an agreement signed between the Ghana National Petroleum Corporation (GNPC) and US oil company, ExxonMobil.

The 25-year agreement would enable the company to explore and produce oil in the Tano Basin of Cape Three Points in the Western Region, pending parliamentary approval.
Eighty percent of the proceeds would go to ExxonMobil, 15 percent to GNPC and five percent to a yet-to-be-named indigenous company.

This is seen as a sign of investor confidence in the Ghanaian economy after several attempts to sign a deal with the previous administration had failed to yield fruits. President Akufo-Addo has, therefore, expressed optimism that the coming on board of ExxonMobil – a renowned oil and gas company with a huge resource base – would boost the country’s oil and gas exploration with its attendant benefits to all Ghanaians.

This was when management of the company, led by its Vice President, Pamela Darwin, called on president at the Flagstaff House yesterday. He described the occasion as a good day for Ghana and ExxonMobil.
That, he said, was because “it’s been relatively a tortuous road to bring you to Ghana.”

President Akufo-Addo continued, “Everybody knows about who you are and the very critical role you play in the global energy sector. You are one of the leading lights for all kinds of good reasons, financial strength, technological capability and the attitude and standards which are associated with your name.”

He was optimistic they would bring that standard to the country to enhance the development of the Ghanaian energy sector. On behalf of the government and the GNPC, he assured, “We are gonna be a loyal, faithful and strong partner”

He charged the company to respect the terms of the contract.
He was full of praise for the Ghanaian officials who represented the country in the negotiation, saying, “They were very much at home with all the details of the oil and gas industry.”

Now that the paperwork is over, he looked forward to seeing people on the ground working to make the Exxon investment in Ghana a success. Vice President of the company, Pamela Darwin, assured the president of their preparedness to do all it takes to ensure that its oil exploration mission is successful and mutually beneficial to both parties of the agreement.

“ExxonMobil has been in Africa over 100 years. We are very much involved in working with local communities and look forward to this opportunity. We will share our technical expertise with the local community. It is the beginning of a long-term partnership between the parties. We are super excited to be here,” Ms Darwin underscored.

By Charles Takyi-Boadu, Presidential Correspondent