President John Evans Atta Mills on Thursday reminded Kosmos Energy, one of the companies involved in the nation's oil find in the Jubilee Fields of Cape Three Points, to be mindful of social, legal and corporate responsibilities so that local people would be part of the process and feel its benefits.
He urged the company to make use of available Ghanaian expertise as well as insulate the people against any challenges that would emanate from the drilling of oil.
President Atta Mills, who was speaking when a delegation from the Kosmos Energy, led by its Chairman and Chief Executive Officer, Mr James Musselman, paid a courtesy call on him at the Castle, in Osu, Accra, assured them of the government's support.
The President commended Kosmos Energy for its success in its work in Jubilee Fields, but indicated that the oil find would be a problem if efforts were not well coordinated.
He said procurement of materials must come from local sources and notice should also be taken of environmental issues that would arise when the drilling in commercial quantities began.
President Atta Mills painted a bright picture for the oil industry, saying bigger things were yet to come.
He underscored the need for transparency and openness so that Ghanaians, especially those in the environs of the Jubilee Field, would feel part of the oil discovery and see it as a blessing to them.
Mr Musselman congratulated Ghana for conducting a "good election", adding that, from afar, Ghana was becoming a symbol for Africa.
He said the project in the Jubilee Fields was on course, adding that they had already signed letters of intent with their partners, and once the plan of development was signed with Government, the project would go forward.
He said since Ghana made the discovery of oil in commercial quantities in 2007, two other drilling sites had been found, also in Cape Three Points.
The first discovery, called the Mahogany Discovery, renamed Jubilee to match with Ghana's 50th anniversary celebration, now has five wells. This has been placed under Phase One of the Project, with a projected level of 1,200 barrels per day when operations fully begins in 2010.
The second discovery, made in February 2008, is called the Odum Discovery in the eastern part of Western Cape Three Points. This is called Mahogany 3.
Mr Musselman described the find as truly world class, but called for moderation in expectations.