Ghana has started work on preparing a Strategic Environmental Assessment of the Volta Basin with a view to properly planning for future oil prospects, Ghana web reported.

The Ghana National Petroleum Company (GNPC) is currently conducting an environmental impact assessment of the area, and upon receiving approval from the Environment Protection Agency, it will begin acquiring seismic data.

Ghana is hopeful of a successful outcome to the seismic explorations in the Volta Basin, which is believed to have huge oil reserves.

Alex Mould, CEO of the GNPC, said feasibility studies and seismic studies in the area would take about two to three years, according to GBC Ghana.