Founded in 1960, GOIL began as a private enterprise named AGIP Ghana Company Limited, with major shareholders AGIP SPA of Italy and SNAM S.P.A. It was initially founded as a company that would produce fossil fuel products such as fuel, propane and butane, asphalt, and lubricants. In 1968 SNAM S.P.A. transferred its shares to Hydrocarbons International Holdings. In 1976, the name was changed from AGIP Ghana Company Limited to Ghana Oil Company.
