Deputy Minister in Charge of Petroleum at the Ministry of Petroleum and Energy, Benjamin Dagadu has assured that in spite of the onshore and offshore challenges associated with oil exploration in the Volta basin, the process will soon start.
"We have very narrow shelf which deepens. Where it flattens it's quite deep. So the companies that came had challenges with the cost of exploration", the deputy minister said.
Mr Dagadu said these challenges have made the cost of oil exploration in Keta, in the Volta Region, relatively higher, compared to the Western Region.
He said due to the high cost involved with exploration activities, the project will need "deep pocket companies…we don't want just any company to come and do small exploration, start drilling and discount the basin".
The Deputy Minister disclosed this to Joy News' Ivy Setordzi after an end-of-year programme organised by the chiefs of Anlo led by the Awormefia of Anlo, Torgui Sri III.
Mr Dagadu updated the chiefs and eminent people in the region on renewed plans by government to commence oil exploration activities in the region. Speaker of Parliament, Edward Doe Adjaho, was special guest of honour at the programme.
The deputy Energy Minister said: "We have tasked GNPC to drill six slim holes this year and from the results of these holes, we will have a geology which we can work with".
According to him, exploration activities in the region hold huge prospects for the country's economy and hence government was working towards ensuring the process is not delayed further.
"The onshore Volta basin is the biggest landmass of Ghana. It occupies one-third of the whole Ghana, and that is what we have to deal with. We have to explore to make sure you firm up where your prospects are biggest", Mr Dagadu explained.