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President charges Exxon Mobil to respect agreed terms

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President Akufo Addo has charged management of Exxon Mobil to respect the terms of agreement signed with the government of Ghana.

This follows the signing of an agreement for the oil company to commence operations in Ghana.

The agreement which is subject to parliamentary ratification will allow the oil giant to acquire exploration and production rights for the Deepwater Cape Three Points block that is Tano Basin.

Speaking after a visit by executives of Exxon Mobil to the seat of government on Thursday-January 18, 2018, President Akufo Addo reiterated the government’s commitment to create a conducive environment for all companies in the exploration industry to achieve their objectives.

“We expect you to respect the terms of agreement and on our side we will respect the terms of the agreement, we are determined to work with you and make sure that the benefits of the investments that we are going to make in our country are the benefits of the people of Ghana. Ultimately, they are the beneficiaries of what we will be doing; for the people of Ghana to enjoy the full benefits of this agreement”.

He added that the move will positively impact on the country’s energy sector, “I’m particularly happy about this occasion because I think that what you represent is something that will go towards enhancing the development of our own energy industry”.       

Meanwhile, Minister of Energy, Boakye Agyarko is optimistic the oil giant will commence operations immediately after receiving Parliamentary approval.

“We found Exxon Mobil as a partner to begin work in the Tano Basin, Mr. President we couldn’t have found a better partner. Exxon Mobil is the largest listed oil company with deep pockets financial strength, technical know-how and a commitment to local content or Ghanaian participation”.

“We are working in deep waters which are technically challenging and it is our good fortune that we found them as partners to work with, we have signed an agreement with Exxon Mobil and as soon as the local partner signs we will go to parliament for the necessary ratification before it becomes effective”.

By: Anita Arthur/citibusinessnews.com/Ghana    

Ghana Business News