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Business News Tue, 30 Jun 2015

Ghana, Russia to collaborate in developing local oil sector

Ghana and the Russian Federation have held discussions on how Russian companies could contribute to the development of the local oil sector.

Both countries looked at how Russian companies, such as Lukoil, Gazprom Rosneft and Rosgeologia, could participate in Ghana’s oil sector to develop it.

The dialogue took place when the Minister of Petroleum, Mr Emmanuel Armah-Kofi Buah, paid a working visit to Russia where he interacted with the country’s Petroleum Minister, Mr Alexander Novak.

The visit, according to a statement issued in Accra, was in response to an invitation from the Russian Energy Ministry.

It said both ministers pledged to continue to facilitate the co-operation between Russian companies and their Ghanaian counterparts to ensure a win-win situation, particularly in the oil sector.

The statement said the ministers discussed possible ways in which the provision of an Inter-governmental Commission on Trade, Economic, Scientific and Technical Co-operation between the Russian Federation and the Republic of Ghana could be realised, especially in areas related to energy and petroleum.

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It said Mr Buah was accompanied by the Ambassador of Ghana to the Russian Federation, Dr Kodzo K. Alabo, and the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Mr Alexander Mould.

Other members of the delegation were an official of the Petroleum Commission, Mr Theophilus Ahwiren, and directors from the Ministry of Petroleum.

The statement said the ministers discussed Lukoil’s recent decision to farm into the Deep Water Tano/Cape Three Points project which was made up of the Pecan, Pecan North and Cob discoveries.

“The field is currently being operated by Hess. Hess has completed exploratory activities and received approval from the Petroleum Commission in respect of the appraisal plans. The project has proven to be complex and requires innovative development strategies. Appraisal for approved discoveries has commenced,” it added.

It said in that regard the two ministers agreed on modalities that would help the Bulk Oil Storage and Transport (BOST) Company meet its mandate of providing the strategic reserve stocks for the country.

The statement said Mr Buah also visited Rosgeologia, a Russian multi-industry geological holding company which offers a full range of geological exploration services — from regional surveys to parametric drilling and subsoil monitoring.

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“The company boasts unique expertise, particularly in marine geology and shelf operations. Rosgeologia’s subsidiaries have rich experience in implementing projects abroad, including Asia, Europe, Africa and Latin America,” it added.

At Gazprom, the minister discussed with representatives of the company how the company could work with Ghana to develop the country’s gas industry.

“It was, therefore, decided that a follow-up meeting would be held with Gazprom to fashion out the way forward within the context of Ghana’s Gas Master Plan,” it added.

It said the minister also took advantage of his presence in Russia to meet with the Ghanaian community, including students studying in various universities in the federation.

Source: Graphic.com.gh