Business News of 2014-06-06

Chevron, Shell and Exxon express interest in Ghana’s oil

Three global giants in the oil and gas sector, Chevron, Shell and Exxon Mobil could soon be prospecting for Ghana’s oil.

The international oil companies are currently in discussions with the Ghana National Petroleum Corporation (GNPC) to secure oil blocks in the country. Mr. Alex Mould tells Joy Business the talks have gone far.

“Chevron is in our data room as we speak, Shell has been to our data room...just for you to understand, the giants would not go into virgin areas, they are the big boys. They wait for you to develop your talent and then they take the talent.

“They wait for you to develop the fields, and then they come in when they believe the prospectively is within their range,” he noted. Meanwhile, the Ghana National Petroleum Authority is working to become a global oil exploration firm in the next three years.

Established by an Act of Parliament as a regulator of the petroleum sector, the corporation has recently transformed to become a player in the oil and gas industry following the establishment of the Petroleum Commission.

Chief Executive, Alex Mould says they are also taking steps to increase their capital to give real meaning to this goal.

“Once GNPC has a capability to do that, we will be able to use the same financial engineering as everybody has done to be able to leverage on the data that we have,” he said.

Source: myjoyonline.com
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