Interest in Oil-Suspected Basins Swell

Ghana's oil-suspected basins are attracting more oil exploration companies after the successful discovery of oil in commercial quantities in the Mahogany basin.

Currently, oil-exploring companies such as Vanco Energy, Luke Energy, Hess Corporation and Davon Energy have plans of digging wells in the Tano and the Keta basins.

Speaking in an interview to the Business Chronicle after the National Prayer and Thanksgiving service for the recent oil discovery in the country organised by Aglow International, a Christian organisation, Mr. Andrew Awuni, Press Secretary to the President disclosed on Saturday that Vanco Energy and Luke Oil would drill one deep water well in Deep Water Tano Cape Three Point block with Hess Corporation drilling another.

"Devon Energy is also to drill at least one in Keta Basin," he reiterated.

On the Mahogany discovery, the President's Press Secretary noted that a technical meeting is scheduled for August 1, 2007 to discuss the way forward and appraising the oil find. The meeting will involve all stakeholders including the Ghana National Petroleum Corporation (GNPC), Cosmos, Tullow and Adacada as well as other companies that formed the consortium to drill for the oil.

Mr. Awuni said more wells would be dug around the area. "One well is to be drilled about 4km West of the discovery well in August this year and in addition, two more wells will be dug in October and November this year in the Cosmos block," he said.

According to the press secretary, Ghana spends about $1.1 billion annually on oil importation to cater for her domestic needs. Earlier, Mr. Awuni said the oil discovery would help strengthen the country's economy as it would reduce the pressure on the foreign exchange, adding that the Cedi would ultimately be strengthened.

" The oil discovery does not mean we will not buy oil but potentially we can save as a nation since the pressure on the Cedi will be reduced which will lead to a stronger economy". He said.

Mr. Awuni said plans were advanced for appraisals to be done on the oil discovery in August and that would be followed with more drilling on sites in October this year.

He said records indicated that the country started exploration for oil as far back as 1896 and that it was important Ghanaians give thanks to God for the discovery since that could help provide more jobs for them.

"We believe that we speak that we want and we are establishing what we have found,' he added.

Mrs. Georgina Wood, the Chief Justice, said the oil discovery marked an important milestone in the history of the nation and that it was important for the country to learn from the past mistakes of other oil producing countries since that would help the revenue accrued from it to trickle down to the people.

Chief Justice Georgina Wood said Ghanaians should pray for those who would be entrusted with the oil, adding, "Since God has a soft spot for the poor and the needy, anyone who does something wrong to them will surely incur the wrath of God".

She thanked Ghanaians for their prayers and support during her nomination as the first female Chief Justice in the country. She prayed for non-corrupt people to manage the oil revenue to prevent a resource curse.

Mama Dorothy Danso, National President, Aglow International, said 2007 marked a year of super natural blessings as Mrs. Georgina Wood was nominated the first female chief justice, a position which was the preserve of men and the recent "significant" discovery of oil in the country.

She likened the Chief Justice to the Biblical Deborah who was full of wisdom, which attracted people to her for counsel and called on Ghanaians to forgive each other to move the nation forward.

The service was a non-denominational one, which attracted believers from the Methodist, Assemblies of God, Pentecost and other churches.

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