This was disclosed by the Executive Chairman of Tullow Ghana Limited, Mr Ike Duker, during an investor forum in Accra yesterday.
The forum was to discuss the achievements of the company over the years and how best it could invest its profit in the Ghanaian economy.
Mr Duker said the money would be spread over three to five years.
He said it would be dedicated to training, the building of infrastructure and supply of the equipment needed for work and also ensure sustainable growth of the industry.
He announced that as part of its commitment to local content in the industry, Tullow, in partnership with the government, was commissioning a small enterprises unit in Takoradi.
The unit, he explained, would be charged with the responsibility of raising standards in local businesses, adding that it was to ensure that the businesses genuinely competed for contracts.
“This will be good for the economy because it will retain oil and gas investment in the country,” he said.
According to the chairman, that initiative was also good for the businesses involved, saying, “They will learn to produce quality goods and services and acquire the skills needed to compete successfully in a growing economy.”
Mr Duker reiterated the commitment of shareholders to keep holding to Tullow and also encourage other companies to invest in the oil industry.
The Chief Executive Officer (CEO) of Tullow Oil, Mr Aiden Heavey, in his remarks, said the vision of Tullow was to make a positive and lasting contribution to economic and social development in the countries in which it operated.
Story: Prince Amadu Mohammed