Summary of Annual Reports

The overall strategy was to generate returns from the non-petroleum activities to support the much more capital-intensive and risky petroleum investments. Petroleum Agreements were entered into between the Republic of Ghana and GNPC on the one hand and foreign oil companies on the other hand for the purpose of exploration, development and production of petroleum in Ghana, which brought in about $200 million of foreign direct investment between 1996 and 2001.

Over 75% of the exploratory wells drilled encountered indications of oil and gas. One deepwater discovery was made which was considered marginal. One shallow water discovery was also made and its commerciality is still under evaluation Production of oil has been marginal mainly from test production from the Saltpond Field.

A total of about $50 million of foreign direct investment has been attracted and used mainly on acquisition of data and in drilling of exploration wells.

The Corporation has also successfully completed the initial phase of its computerization project and initiated co-operation with Zarubezhgeologia of Russia and the Ghana Geological Survey Department to continue to conduct studies over the largely unexplored Voltaian Basin.