The exploration manager of the Ghana National Petroleum Corporation has said that it is possible Ghana has oil. In an interview with the Business & Financial Times, he said between 1978 and 1985 Ghana actually produced oil from the Saltpond offshore field under the operation of Agri-Petco. The original oil discovery, he said, was made in 1970 by a consortium of Signal & Ammorco Petroleum Company, both of USA.

Mr Asafu-Adjei said that after the discovery the consortium farmed out the project to Hydrocarbons which in turn released it to Agri-Petco.

Flanked by Nii Adzei-Akpor, senior geologist and thomas Manu, geophysicist, both of the GNPC, he said when the field was developed in 1978, it was producing 4,800 barrels a day but production declined to 700-800 barrels a day around 1984/85.