(Ecofin Agency) - Oil exploration in the Keta Basin according to Philip Liverpool, Director Commercial, Kosmos Energy has become unappealing under current inflexible conditions governing the business in Ghana.

This he said at a media training session for editors on oil and gas in Accra stating that the prospect for oil in the Keta Basin was hindered because it has become unprofitable given the huge investment needed and the unattractive returns on investment there.  

While it cost US$50 million to drill one exploration well in the Tano area, three times that amount was needed to drill one such well in the Keta basin. He told Ghanaweb the director lamented that the geological conditions in Keta required that the wells there must go much deeper down the seabed than in Tano adding that even the big players in the industry will be reluctant to take up the challenge in Keta except on very generous terms because of the investment needed and the financial risks involved.

He advised that government should therefore consider reviewing the same-size-fit-all package in the industry and tailor incentives to reflect the peculiarities of every exploratory area.