Swiss African Oil Company (a subsidiary of Swiss African Petroleum AG) and PET Volta Investments have been awarded a new exploration and production licence to explore and produce petroleum resources in the Keta Delta basin.
The licence makes them the legal owners of the Keta Delta block, located in the Volta Region.
The acquisition makes Swiss African Oil and PET Volta the first to explore for oil onshore Ghana.
The Keta Delta block licence was awarded following ratification by Parliament of a joint venture between the Government of Ghana, the Ghana National Petroleum Corporation, Swiss African Oil Company Limited and PET Volta Investments Limited.
The new block covers an area of 3,000 square kilometres and it is envisaged that the operations would provide employment and stimulate local development in the region.