The Ghana National Petroleum Corporation (GNPC) has reassured that it has not abandoned oil exploration in the Voltain Basin.
The GNPC, some years ago announced that it will commence onshore oil exploration at the Voltain Basin, but checks by Citi Business News show that the corporation is yet to inject the needed funds in the exploration to yield the good results.
Some observers have urged the GNPC to cede the exploration to companies with the financial strength to undertake the exercise.
But speaking at a press conference organized by the African Business Media, a Deputy Manager in Charge of Corporate Affairs at the GNPC, Eric Pwadura stated that the corporation has not abandoned the project.
He maintained that exploration is capital intensive, hence must be approached with tact to prevent loss of funds.
“We are looking at the areas that we have the core competent like the Voltain Basin project which is onshore. GNPC is spearheading exploration work in this area. When we are done we will do analysis and we will know exactly what is down there, then we will now seek partnership,” he explained.
He announced that the GNPC is looking for investors to partner on the project
“There are things that you can do alone, but there are others that you will need support. Exploration is very expensive. You are looking at about 100 million dollars. If you hit a dry well, it will take time to make that money back”
Mr. Pwadura spoke at the launch of the 6th Ghana Economic Outlook and Business Strategy conference.
This year’s conference which is scheduled to take place on 21st March will focus on Ghana’s Oil and Gas industry.
Source: Citi Business News