Later this year, the Ghana Oil Company Limited will change its name to GOIL Company Limited.
In addition to seeking to change its name, GOIL is also planning to enter into the upstream oil and gas sector by becoming the local content partner for Exxon Mobil.
In a statement on the Ghana Stock Exchange, the change in name is expected to take place following the Oil Company’s 50th Annual General Meeting, which is scheduled for May 23.
Per the agreement, GOIL takes up the five percent stake in ExxonMobil’s upcoming exploration venture in the deepwater Cape three points area.
ExxonMobil’s investment in Ghana’s oil sector was the first major one following the landmark ruling by ITLOS in the maritime border dispute between Ghana and Ivory Coast, in September 2017.
GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and speciality products in Ghana.
GOIL has over the years made significant strides in transforming itself from a near-moribund state enterprise to become the number one Oil Marketing giant in the country.
The first significant step was the restructuring of the company from a state-owned one into a public-listed entity, on the Ghana Stock Exchange in 2007.
Over the past five years GOIL has recorded key milestones which have resulted in several accomplishments. Key among them is the rebranding of the company in 2012 which involved the changing of the company’s corporate logo, the adoption of a new slogan ‘Good energy’ and the complete face- lifting and revamping of existing stations as well as the expansion of the number of service stations.
Another milestone has been the achievement of ISO certification which was ratified in 2012.
By Joshua W. Amlanu