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A US-based oil giant Hess Corporation has announced plans to invest about $800 million in its operations in Ghana. This is part of an exploratory budget of 6. 8 billion dollars it plans on spending on its global oil and gas operations. Hess Corporation made the announcement on Monday on its official website. In June 2011, the company announced that it has found significant oil and gas at its Paradise-1 exploration well offshore Ghana and that the oil and natural gas condensate they have found is one-third thicker than previous estimates. Hess operates the well in the Deepwater Tano/Cape Three Points area and owns 90 per cent stakes with Ghana National Petroleum Corporation (GNPC) owning the remainder. In October last year, the company together with Sahara Energy Fields Limited also announced they were seeking exploration and production rights over blocks offshore West Keta block and East Cape Three Points of the Jubilee offshore field. According to the Chairman and CEO of the company, John Hess, the company is hopeful of generating long term profitability and growth for the shareholders if its operations in Ghana are successful. Meanwhile, as production and exploration activities in oil and gas show signs of a boom, the Ghana National Petroleum Corporation (GNPC) insists it will remain vigilant in ensuring that Ghana become the utmost beneficiary.