Kosmos Energy Ghana, the company involved in oil exploration activities in the Cape Three Points area, has paid a total of US$340,OOO to government as withholding tax.

The amount covers five percent monthly deductions from their sub-contractors and the company's own tax payment to government.

The Country Director of Kosmos, George Owusu last week presented the cheque to the Minister of Finance and Economic Planning, Kwadwo Baah-Wiredu, who in turn handed it over to the Commissioner of Internal Revenue Services, Major Seth Ablor Sowah Quarcoo.

George Owusu said although the company has not yet started main operations in terms of producing oil in commercial quantities in order to earn income, the company still finds it expedient to honour its tax obligations.

He used the occasion to assure Ghanaians that Kosmos would not waste time on other activities but hurry to produce crude oil and urged Ghanaians to get prepared to work in the industry.

Mr. Baah-Wiredu on his part, urged corporate entities to be responsive to their tax obligations, since the country's development depends on her ability to generate domestic revenue.

He said the private sector in particular, has a responsibility to create jobs as it was the government's responsibility to create a conducive environment for business to thrive.

Kosmos Energy Ghana, an affiliate of Kosmos Energy International, signed an agreement with the government in 2004 to commence exploration and production of oil covering the West Cape Three Points Block offshore in the Gulf of Guinea's Tano Basin.

This area comprises 1,957 square kilometers (483,600 acres) in water depths ranging from 50 metres to 1,800 metres (approximately 165 feet to 5,900 feet). The company which announced its discovery of oil in commercial quantities early this year, is teaming up with the Ghana National Petroleum Corporation (GNPC) to augment its operations in respect of exploration and production.