The Minority in Parliament has expressed concern over the decision by ExxonMobil to relinquish its interest in the Deep Water Cape Three Point block in Ghana.
The group described as disturbing, the threat by other major oil companies to also abrogate various petroleum agreements they have entered into with the government.
In a statement, Ranking Member on the Mines and Energy Committee John Abdulai Jinapor said in 2018, when ExxonMobil entered into the petroleum agreement with the country, the Minority raised concerns over some key aspects of the deal which they believed was inimical to the state.
He said it is unfortunate that after President Akufo-Addo inherited a well-functioning and promising oil sector from his predecessor with three producing fields comprising Jubilee, TEN and Sankofa Gye Nyame, the sector has seen a downward trend mainly due to underhand dealings and a high-level capacity in the sector.
The statement said with the country’s oil production set to decline if no new production capacities are added, the government must give priority to the sector and ensure that it attracts the needed investments through an open and transparent process; and within the remits of acceptable best practices in the oil and gas industry to boost the country’s oil production capacity.
The Minority also finds it unfortunate that no new oil field has been added in the last five years although the existing fields are declining in volumes production.
The statement said the country is losing its place as a preferred investment destination in the petroleum sector within the sub-region and therefore called on the government to sit up and put the interest of the country above all parochial and personal interests.