The Ghana National Petroleum Corporation, GNPC, says it will spend $ 40m to begin onshore oil exploration in the Volta Basin.
A senior geoscientist at the GNPC, Michael Aryeetey disclosed this in Accra at a forum on oil and gas potentials in the Southern Volta Basin.
He said though the Volta Basin is old, it is worth commencing exploration of Oil and Gas in there.
Mr Aryeetey attributed the inactivity at the Basin to lack of modern technology and research.
He said the venture hopes to gather data that will attract private exploration investments to the Volta basin.
He said the region covers about 40% of the West African land area.
Mr Aryeetey said early exploiters who came to the Tano basin completely ruled out the discovery of oil in commercial quantity.
He said apart from the jubilee fields, 14 additional new oil sites have been discovered.
The Minister for Youth and Sports Clement Kofi Humado said despite economic and business potentials in the Volta Region, much has not been done to explore it.
He said the region lacks infrastructural developments which have contributed to the region lagging behind.
He hoped that the oil exploration in the Volta basin will commence as scheduled in order to provide job opportunities for the youth in the region as well as boost Ghana’s economy.