Ghana and Saudi Arabia in joint oil and gas exploration

Accra, Ghana — ESI-AFRICA.COM — 19 August 2011 – Ghana National Petroleum Corporation (GNPC) has signed a memorandum of understanding with Saudi Arabian firm Petro-Saudi International to jointly explore, develop and produce oil, gas and related services in Ghana.

Announcing this in a statement released here, GNPC said the two companies would explore joint ventures in oil and gas exploration, development and production; oilfield services and infrastructure, but it gave no further details.

The head of GNPC told Reuters details of how the two companies would work together had yet to be worked out.

“For now, it is a broad MOU for collaboration and we are going to work out the specific areas to be covered and all the other details,” said GNPC CEO Nana Boakye Asafu-Adjaye.

Ghana, Africa’s newest crude producer, began pumping oil last December from its Jubilee oilfield, operated by UK energy company Tullow Oil.