Local content in the upstream oil and gas sector is getting a major boost as the Ghana Oil Company Limited ( now known simply as GOIL Company Ltd) is investing some US$25 million to partner ExxonMobil in its exploration activities in the Deepwater Cape Three Points Block (DWCTP) Offshore in Ghana.
The partnership will enable GOIL to provide up to five percent equity participation in the exploration activities of the DWCTP.
GOIL Company’s CEO, Mr. Patrick Akorli, speaking at the 50th Annual General Meeting of the Company said, “GOIL is on the path of growth. We have been a local retail company over the years and the company cannot be doing the same things repeatedly”.
The move which is being described as strategic by GOIL, is expected to enable the company to compete favourably with the 80 oil marketing companies some of which are multinationals who are already doing business upstream.
Instructively GOIL has begun training some of its staff to take up key positions as it readies to benefit from the partnership.
“As part of the five percent participation, we are currently training our staff with eight of them being trained in the United Kingdom. Going forward, we hope to send more for training in the future” Mr Akorli said.
Equally, GOIL has also signed a partnership with an Ivorian based company, SMB – Societe multinationale de bitumes, – to venture into bitumen production.
The bitumen production facility which is currently under construction according to GOIL, will begin operations in the year 2022.
Mr Kwamina Bartels, Board Chairman, said the strategy adopted to form GOIL subsidiary GOENERGY, a Bulk Distribution Company has consistently yielded better financial results for the Company.
He said over the last five years the Company’s profit after tax has grown by 20 per cent per year on average.
In 2018, GOIL made a consolidated profit after tax of GHc81.9 million, up by 26 percent on 2017; while the assets of GOIL as a group have grown by 30 percent, from GHc1.036 billion to GHc1.346 billion.
A GHc16, 458,251.00 dividend was proposed for the year ended December 31, 2018, this being a significant increment from 2017 dividend of GHc10, 972,168.
GOIL is listed on the Ghana Stock Exchange where it has blue chip status.
By Wisdom Jonny-Nuekpe
