The governments of Ghana and Norway Monday signed a Memorandum of Understanding (MOU) on technical cooperation to assist Ghana with the tr a nsfer of human and technological resources, to fully tap and derive the maximum b enefit from the oil discovery.
The MOU, made to coincide with the two-day national forum on oil and gas development, is renewable over five years, and would ensure the adherence to regulatory frameworks, resource management, environmental health and security on oil and gas reserves.
Ghana’s development partners have already donated about US$ 250,000 which is being used to accelerate the exploration activities.
Mr. Kwame Ampofo Twumasi, Deputy Minister of Energy signed for Ghana while Mr. Erik Solheim, Minister of Environment and International Development signed for Norway.
Mr. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, said Ghana spent US$ 2 billion a year to import crude oil to feed the Tema Oil Refinery and Aboadze Thermal Plant, noting that the oil discovered would help cut down cost.
Ghana has struck oil in commercial quantities whose preliminary estimate is put at three million barrels.
Mr Moses Boateng, Managing Director of the Ghana National Petroleum Corporation (GNPC) said apart from the nine offshore companies in the country before the discovery, 20 other transnational companies have applied to take part in the exploration activities.
He said it would require between US$ 3 and 5 billion to fully build the Tano/West Cape Three Points Basin, also known as the Jubilee Field, and commended Kosmos
Energy and Tullow Oil, who have announced various discoveries of oil, for their assistance.