Kosmos Energy plans $400 million investment in Ghana

Kosmos Energy said on Tuesday it would invest $400 million in its operations in Ghana this year, as part of a long term commitment to the Jubilee Oil field and other projects.

Speaking to journalists on the sidelines of the inauguration of the company’s office building in Accra, Mr Brian Maxted, Chief Executive Officer said the amount would meet the firm’s commitment to the development of the rest of the Jubillee Oil field.

“This covers our commitment to the rest of the Jubilee development and also the new Tweneboa, Enyera and Ntomme fields (TEN) project,” Mr Maxted said, adding that the firm’s Mahogany, Teak and Akasa projects would also benefit.

Mr Ken Keag, Vice President and Country Manager of Kosmos Energy Ghana said the new building was a demonstration of the company’s long-term commitment to Ghana and the use of local goods and services. It is also for the development of the Ghanaian workforce to meet local content needs.

It is also a commitment to the ongoing development and production of the hydrocarbon resources.

Mr Emmanuel Armah Kofi Buah, Minister of Energy and Petroleum lauded the company’s contribution to the development of the oil and gas industry and the improvement in livelihoods through its social responsibility programmes.

He said government was cooperating with partners in the oil industry to set up an Enterprise Development Centre to help build the capacities of local enterprises that would compete effectively in the industry.

Mr Buah said through the Centre, Small and Medium Enterprises would have the required exposure to international best practices, deeper understanding of procurement processes and better business planning and development skills.

Source: GNA