Ghana is set to begin oil exploration off the Tema coast. An agreement to this effect has been signed and the government will later Tuesday hold a public event to commemorate the first joint management committee meeting.

The agreement is between government, the Ghana National Petroleum Corporation and Australian firm, Tap Oil Limited.

It also involves two US firms, Afex International and Challenger Minerals Incorporated.

Tap oil Limited will control a 36 per cent stake in the joint venture while, the GNPC will control 10 per cent.

Both US firms involved in the deal will control 27 per cent. According to a statement by Tap Oil the terms of the Petroleum Agreement are confidential.

It however insists it is consistent with other Petroleum Agreements in Ghana which are considered attractive on a global ranking.

The area to be explored, about 2000 square meters from Tema to Ningo, is estimated to hold as much as one hundred million barrels.