Minority to ensure fairness in GNPC transaction

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    The National Democratic Congress, which is the minority in parliament, has served notice that it will ensure that a fair deal is done in the Ghana National Petroleum Corporation(GNPC), acquisition of shares in the Cape Three Points and South Deepwater Tano blocks.

    This was contained in a joint statement signed and issued by the Ranking Member of Mines and Energy, Mr. John Abdulai Jinapor, and the Ranking Member of Finance, Dr. Cassiel Ato Forson.

    It indicated that the minority has always called for and supported an increase in the stake of the GNPC relative to the country’s oil assets.

    “It was in furtherance of this view that the erstwhile NDC/Mahama government established Explorco as a commercial wing of the GNPC in 2015 to make it an operator in the foreseeable future,” it said.

    Furthermore, they indicated having been vindicated per the decision by the Akufo-Addo government to acquire higher stakes for the country in the Aker/AGM Oil blocks.

    “With regard to the currently proposed share acquisition transaction by the GNPC in the Aker and AGM blocks, the NDC Minority is not against the policy or decision for the GNPC to acquire higher stakes in the said oil blocks per se. However, it must be made clear that we have serious concerns about the proposed hyper-inflated purchase price of the blocks and demand that all the necessary due diligence, independent audits, valuation, and appraisals must be conducted by the GNPC to ensure value for money for the country before the deal is approved by Parliament,” it stated.

    On August 2, 2021, the Minister of Energy, Dr.Matthew Opoku Prempeh laid before Parliament, a request for its approval for the purchase of additional shares by the GNPC Explorco of 37 percent interest in Deep Water Tano/Cape Three Points by Aker Energy Ghana Limited and 70 percent stake in the South Deep Water Tano (SDWT)  which is operated by AGM Petroleum Ghana Limited.

    Further to the above, he requested the establishment of a Joint Operating Company among Aker Energy, AGM, and GNPC Explorco.