IMANI has a poor understanding of the oil economy – The Minister of Energy | Policy

Energy Minister John Peter Amewu declares the badysis of the Public Interest Advocacy Task Force, IMANI Ghana
the development plan submitted by Aker Energy and on behalf of all the parties to the Petroleum Agreement (PA) covering the Deep Tano / Cape Three Points contract area (DWT / CTP), was simply intended to alarm Ghanaians the country risks losing a $ 30 billion potential for failure in negotiating a new oil deal.

According to the Minister of Energy, IMANI Ghana has simply multiplied the supposed price of $ 65 per barrel by the estimated discoveries to contain 450 million barrels of oil equivalent crude oil (Mbep).

"This highlights the weaknesses of IMANI's badysis as well as its misunderstanding of the oil economy. IMANI wants us to believe that all 450 million barrels of oil equivalent will be produced, but do not explain how that can be "he shouted.

Mr. John Peter Amewu explained that the 450 million barrels of oil equivalent are gross contingent resources, which are the potential resources available that can not all be recovered with current technology.

He reiterated that "in Ghana, our average crude oil recovery rate is 25%. At this rate, the value of the fields will be estimated at $ 7.3 billion baduming a price of $ 65 per barrel; so, it can not work out $ 30 billion, according to IMANI 's estimate.

"IMANI has been trying to warn Ghanaians of the potential loss of $ 30 billion for the country if the government fails to negotiate a new oil deal with new terms with DWT / CTP partners. It's absolutely wrong, "he said.

The energy minister again mentioned that President Akufo-Addo and his government had indicated that they were collaborating with Aker Energy to improve the oil recovery mechanism in order to achieve a recovery rate 40%, the highest ever in the oil and gas sector in Ghana. appreciate the value at $ 11.7 billion.

"This will be a significant gain for Ghana and its partners," he said at a press conference in the conference room of the Ministry of Information on Friday, April 26, 2019.

He added that "Aker Energy, on behalf of its partners, has announced, following a successful badessment of the discovery of the Pecan deposit, a significant oil discovery, as illustrated below: based on existing subsurface data from of seismic, drilled wells and an badysis of Pecan -4A. As a result, it is estimated that the existing discoveries contain gross contingent resources (2C) of 450 to 550 million barrels of oil equivalent (Mbep) ".

During a recent outreach program, IMANI challenged various acts of omissions by the Government of Ghana with respect to the development plan submitted by Aker Energy and on behalf of all contracting parties to the company. 39. Petroleum Agreement (AP). covering the Deep Water Tano / Cape Three Points contract area (DWT / CTP).

But Energy Minister John Peter Amewu said Friday, April 26, 2019 that IMANI's claims were false.

In providing some basic information on the agreement, Amewu said that the PA covering the DWT / CTP contract area operated by Aker Energy had been executed on 8 February 2006 between the Ghana government, the GNPC, AMERADA HESS Corporation, Lukoil and FUELTRADE. 2015.

He announced that the new oil deal proposed by IMANI was unfounded because the work done by Aker Energy was part of an badessment program based on the existing oil agreement.