Ghana Oil Company Limited (GOIL) has signed a joint operating agreement with ExxonMobil of the United States for deepwater oil exploration at Cape Three Points area.

The agreement followed the completion of months of rigorous due diligence by ExxonMobil.

It was sealed after a no-objection approval from the government, through the Ministry of Energy.

Per the agreement, GOIL takes up the five percent stake in ExxonMobil’s upcoming exploration venture in the deepwater Cape three points area.

The Managing Director and Group CEO of GOIL, Patrick A.K. Akorli signed on behalf of GOIL while the Director & Venture Manager of ExxonMobil, Randi Cruz, initialled for her outfit in Accra.

Mr. Akorli disclosed that GOIL has incorporated a wholly-owned subsidiary, GOIL Offshore Limited, to administer its interest in the venture.

He expressed appreciation to President Akufo-Addo, Energy Minister, John Peter Amewu, the Petroleum Commission and GOIL’s Board for believing in the company and endorsing the partnership agreement.

The Director & Venture Manager of ExxonMobil, Randi Cruz, stated that GOIL would execute the agreement for the benefit of Ghana and ExxonMobil, adding that her outfit is fully prepared to adhere to the joint operating agreement.

Welcoming the Exxon Mobil team, the Chairman of the Board of GOIL, Kwamena Bartels, said the agreement marks an important milestone for GOIL, noting that it would enable the company to become a key player in the upstream exploration business and help it to build its capacity.

Earlier, teams from ExxonMobil and GOIL met the Minister of Energy, John Peter Amewu at the Ministry of Energy to sign the final Petroleum Agreement (PA) between GNPC, Government of Ghana, ExxonMobil and GOIL.

Mr. Amewu added that the final agreement would be sent to Parliament for ratification.

He told the ExxonMobil team that Ghana has a stable political environment and invited other companies to invest in the country.