Another Company Joins Oil-hunt in Keta

If the people of the Volta Region will receive any millennium gift from God then it is oil. The nation has woken up to refreshing news that an American oil prospecting company, Nuevo Energy company has indicated its intention to sink an exploration well in its vast concession offshore Keta

Nuevo Energy, the US-based oil and gas company with a 2.7-million-acre oil concession in Ghana will sink its first test well by the end of this year or early next year.

The company's offshore Accra-Keta concession is billed to be resourceful. It has struck a deal with an undisclosed oil company to buy 25% of its stake to pool resources for drilling oil in Ghana. The mystery buyer, according to Nuevo Energy, has a market capitalisation exceeding some $3 billion and with an impressive credit rating.

The transaction between the two partners is subject to the approval of the government. Nuevo Energy is looking for other partners to do business with in its Ghanaian concession.

"We are pleased to have as our first partner in the Accra-Keta permit a company with stellar reputation in the industry and a record of international success. We continue to have discussions with other parties interested in obtaining interests in this permit", said Mr. Doug Foshee, chairman and chief executive officer of Nuevo.

The Texas-based Company primarily engages in the exploration, acquisition, exploitation, development and production of crude oil and natural gas in California. Its properties are spread throughout the world with some located in the Republic of Congo, Ghana and Tunisia.

Last month, a consortium of American oil exploration companies led by Anadarko Petroleum Corporation of Houston and Devon Energy Corporation announced they were pooling resources to explore for oil in the offshore Keta basin.

It is believed that most of these multi-national oil companies have foreseen the brighter future that awaits Ghana in its endeavour to search for oil. America has the technology to detect from space areas where oil and other minerals can be found. It has sensitive electronic equipment installed on its satellites which gather data on land masses and their natural resources and relay it to earth stations for processing. Such information could be passed on to companies in America who will in turn invest in those areas they are likely to make huge profits.