A UK-BASED oil company, Alderney Resources, is to explore for oil in the offshore basin at Saltpond in the Central Region from March this year.

An agreement for the commencement of work on the multimillion dollar project will soon be signed between officials of the Ghana National Petroleum Corporation (GNPC) and the company.

The Managing Director of GNPC, Mr M. O. Boateng who disclosed this in an interview at Tema, said the project forms part of the GNPC’s immediate plans to promote both onshore and offshore oil exploration.

Some of the areas targeted are Cape Three Points, the Accra Basin, Voltain Basin in the Western, Greater Accra and Volta regions respectively.

He said the GNPC is currently looking for investors to do either onshore or offshore exploration in the various oil-rich areas. Alderney Resources, he said, is expected to work in three phases.

According to Mr Boateng, the Saltpond project will involve the collection of data, processing and analysis for the prospects of oil.

Mr Boateng stated that the company will eventually drill a well or two, gather more data, process and analyse them to pave way for full-scale drilling of wells and stated that after the exploration, a new agreement will be signed for the commencement of production of oil.

He announced that three oil companies, Devon, Vanco and Dana are currently operating in the Keta Basin, Tano Basin and in the shallow waters off the Tano Basin.

He continued that Dana Petroleum has drilled a well for exploration and will next month discuss the results with the GNPC. Another well, he explained, is expected to be drilled by the company within the next 18 months.

In a related development, Mr Boateng disclosed that the Osagyefo Barge which is expected to process gas into electricity at Effaso Mangyea had not been installed due to bad weather last Sunday.

The mobile barge which is expected to produce electricity for 30 years is cheaper compared to the thermal generation of power.

Mr Boateng pointed out that the VRA and the GNPC have built transmission lines and sub-stations at Essiama and Elubo in the Western Region and the power generated will be fed into the national electricity grid.

The GNPC, he explained, is concentrating on its core business of exploration and has resolved to ensure maximum success to move the nation’s development agenda forward.