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HomeNewsUS Oil giant, ExxonMobil, set to return to Ghana – Energy Minister

US Oil giant, ExxonMobil, set to return to Ghana – Energy Minister

Energy Minister, Dr. Matthew Opoku Prempeh, has disclosed that US oil giant, ExxonMobil, is in discussions with the government about the possibility of reentering the country.

In May 2021, ExxonMobil informed the Ghanaian government of its decision to withdraw from the country’s upstream petroleum sector after initially acquiring exploration rights in 2018.

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However, according to Dr. Matthew Opoku Prempeh, both parties are currently in negotiations that could pave the way for ExxonMobil’s return.

“Exxon Mobil intends coming back to Ghana. Interestingly, we have already started talking because God didn’t put the oil and gas there for us not to utilise. If it means that we have to develop our skills and talent and do more carbon extraction, let us get on with it”, he said.

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The sector minister disclosed this at the launch of the 9th edition of the Annual Local Content Conference and Exhibition by the Petroleum Commission.

ExxonMobil’s investment came in the wake of a significant ruling by the International Tribunal for the Law of the Sea (ITLOS) in favor of Ghana, which resolved a maritime border dispute with Ivory Coast a year prior.

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Dr. Opoku Prempeh added “We have to be deliberate to train Ghanaians and Africans, in general, to participate in the petroleum sector”.

The Energy Minister urged the Petroleum Commission to oversee the training of local individuals within the industry and stressed the importance of promoting effective local content in upstream petroleum operations.

This year’s conference commemorates the 10th anniversary of the enactment of the Petroleum (Local Content and Local Participation) Regulations, 2013 (L.I.2204).

The event is on the theme “10 Years of Local Content in Ghana’s Upstream Petroleum Industry: Achievements, Challenges and Prospects”, and is aimed at promoting local content and local participation in accordance with L.I. 2204.