Ghana’s upstream petroleum regulator threw an invitation here on Thursday to the China National Offshore Oil Corporation (CNOOC) to come and explore oil in the country’s upstream sector.

Speaking to Xinhua during the Eighth Annual Ghana Oil, Gas, LNG and Power Summit, Theo Ahwireng, Chief Executive Officer (CEO) of the Petroleum Commission, said Ghana’s industry since the discovery of Jubilee oil in 2007 had become a sought-after investment destination.

“Before the discovery of Jubilee, a lot of people thought that Ghana’s oil was only in the lower cretaceous, in the deeper formations; but Jubilee changed the dynamics and opened the window for what we call the upper cretaceous, and after that it has stimulated a lot of exploration in Ghana which have been successful,” Ahwireng noted.

There have been 25 discoveries after Jubilee and the CEO said from the West African sub-region and all the way to South America, in Guyana, and Surinam today, “they are chasing what we call the Jubilee look-alike.”

He noted that CNOOC also needed to consider entering into Ghana for exploratory activities as many companies were taking advantage of the breakthrough to do business in the upstream sector in Ghana.

“But China has many companies in oil and gas exploration. CNOOC is one of the leading companies in oil and gas around the world. I remember inviting CNOOC into this country around 2003 … We are still inviting them to come and explore in this country,” he said.

Although there is no Chinese company in exploration in Ghana at the moment, the CEO praised the good work of China’s Sinopec in building the gas participation infrastructure.

In his keynote speech, Minister for Energy Boakye Agyarko noted that as there was a lot at stake in petroleum contract, government would take steps to deepen transparency in the granting of licenses to International Oil Companies (IOCs) in the country. Enditem

Source: Xinhua/NewsGhana.com.gh