Energy Minister discusses Ghana oil with Russian companies

The Minister of Energy has been to the Russia Federation to discuss the involvement of that country’s energy companies into Ghana’s oil sector.

A press release from the Ministry says the Minister, Emmanuel Armah-Kofi Buah paid an official working visit to the Russian Federation from June 22 to 24, 2015 where he had discussions with the Minister for Energy of Russia, Mr. Alexander Novak, the President of Lukoil, Mr. Vagit Alekperov and officials of Gazprom and Rosgeologia. The visit, the release noted, is by the invitation of the Russian Energy Ministry.

At the Russian Ministry of Energy, the two Ministers explored possible ways in which the provisions of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation between the Russian Federation and the Republic of Ghana can be realized especially in areas related to energy and petroleum, the release said, adding that in this regard the two Ministers discussed how Russian companies such as Lukoil, Gazprom, Rosneft and Rosgeologia could contribute to the development of the energy sector of Ghana.

The release stated that the two discussed Lukoil’s recent decision to farm into the Deep Water Tano/Cape three Points project which is made up of the Pecan, Pecan North and Cob discoveries.

“The field is currently been operated by Hess. Hess has completed exploratory activities and received approval from the Petroleum Commission in respect of the appraisal plans. The project has proven to be complex and required innovative development strategies,” it said.

According to the release, appraisal for approved discoveries has commenced.

“They also discussed how LUKoil can cooperate with Ghana in the petroleum downstream side especially in the face of government’s decision to liberalize petroleum pricing. In this respect they agreed on modalities that will help the Bulk Oil Storage and Transport Company (BOST) meet its mandate of providing the strategic reserve stocks for the country,” it added.

The release noted that it was also decided to prepare and sign a memorandum of the cooperation intent that will guide the relationship.

“At Gazprom, the Minister discussed with representatives of the company how the company could work with Ghana to develop the country’s gas industry,” the release said.

By Emmanuel K Dogbevi