The opposition National Democratic Congress, (NDC) Minority MPs in Parliament led by MP for Tamale South, Harruna Iddrisu has called on the President to withdraw the petroleum aggreement among the government of Ghana, Ghana National Petroleum Corporation, (GNPC) Exploration and Production Company Limited and AGM Petroleum Ghana Limited in respect of the South Deeper Tano Contract Area in the interest of Ghana.
They also asked the civil society and well-meaning Ghanaians to resist this attempt to short change the citizenry, and to resist this blatant mismanagement of the nation’s critical natural resources.
At news conference, Haruna Iddrisu said, “The Mnority Caucus finds this renegotiation as a rip-off especially as the GNPC has already invested over $30 million in acquiring data and reducing exploration risks over the Block, thus making it attractive prior to the entry of AGM/Aker Energy into some Block.
Additionally, there is the commitment by the AGM/Aker Energy to pay for (or carry) GNPC on the costs of the first two Exploration Wells which the current government led by His Excellency Nana Akufto Addo is forfeiting.
This amounts to forfeiture of free funding of about $62 million (Le. 24% of $259 million Well commitment), he stressed.
According Mr. Iddrisu, “the John Mahama Government negotiated and executed the deal with Ghana securing the following stake:
Royalty: 10% , GNPC carried interest : 10%, GNPC additional interest: 15%, GNPC and Explorco : 24%”.
He stated that the existing Petroleum Agreement (PA) gives Ghana a potential 43 percent stake; made up of Carried and Participating Equity Interests of 25 percent and a Commercial Interest of 24 percent of the remaining 75 percent.
But he was quick to point out that “the NPP government under the leadership of President Akuffo Addo has taken a retrogressive step by rolling back these gains through what it describes as a renegotiated agreement with AGM/Aker Energy.
The new terms at the agreement as hurriedly presented to Parliament for ratification has the following; Royalty: 10%, GNPC carried interest: 15%, GNPC additional Interest : 3%, GNPC Explorco : 0% plus Enhanced tax relieves”.
From the foregoing, this renegotiated agreement is a complete rip-oft a betrayal of the people’s trust bestowed on this NPP government, Minority Leader has alleged.
The Minority said, “rather then improving or maintaining the original agreement executed between the
Government of Ghana (GNPC), GNPC Explorco on one side and AGM Petroleum Ghana LTD on September 10, 2013, the Akuffo Addo Government has shamefully reduced Ghana‘s stake from 43% to a paltry 18% (a reduction of 58%).
Story by Edzorna Francis Mensah
