The Iranian Minister of Petroleum, Bijan Zangeneh said in Tehran during a meeting with Ghana’s Minister of Petroleum, Emmanuel Armah that the two countries will sign memorandum of understanding to that effect.
The Iranian Minister was cited as saying Ghana needs little imports of crude oil, adding that the Iranian Ministry of Petroleum is ready to ship consignments of crude oil and petroleum products to Ghana.
He also said an Iranian delegation will travel to Ghana to help the country in downstream, refining and distribution network sectors.
The President of Ghana, John Dramani Mahama is currently in Iran on official visit with a government delegation.
Even though Ghana is an oil producer, the country spends more money importing crude oil than it is earning from its export of the product.
Bank of Ghana data shows that in December 2015 Ghana imported $477.4 million worth of crude oil but earned $429.4 million from exporting its crude, leaving a deficit of $40 million.
At the beginning of oil production at the Jubilee oil field, it was said to be the largest to be discovered in West Africa in over 10 to 15 years, according to Tullow Oil. Was said to contain 1.5 billion barrels of oil and has 17 wells.
Production levels have been swinging between 67,000 barrels per day and 100,000 barrels per day