Energy Minister Seeks Approval for Purchase of Stakes in Aker Energy and AGM Petroleum Oil Blocks

Energy Minister Dr Mathew Opoku Prempeh has lodged a petition with Parliament to allow the Ghana National Petroleum Corporation (GNPC) to acquire stakes in the Aker Energy oil block and in the Aker Energy oil block. ‘AGM Petroleum.

The application to parliament revealed that GNPC through GNPC Exploration and Production Company Limited (GNPC Explorco) wants to buy a 37% stake in Deep Water Tano / Cape Three Points (DWT / CTP) operated by Aker Energy Ghana Limited and a 70% stake in South Deep Water Tano (SDWT) operated by AGM Petroleum Ghana Limited.

Dr Prempeh, in a separate request, called on parliament to agree on a purchase price with Aker Energy Ghana Limited and AGM Petroleum Ghana Limited alongside the Minister of Finance.

Meanwhile, the finance minister applied for a loan of $ 1.3 billion to buy the stakes.

However, an additional request has been made to Parliament to create a joint exploration company between GNPC Exlporco, Aker and AGM.

The President of Parliament Alban Bagbin after receiving the requests referred them to the joint energy and finance committees.

This was after Minority Leader Haruna Iddrisu insisted the energy committee alone shouldn’t consider the first two requests saying the numbers involved in the purchase are huge.

“I read C all the way to D and there are major financial problems. With 37% interest, what this represents will be more of a financial matter than a simple matter for a Mines and Energy committee. When you go further there will be questions about the assessment of interest, ”he said.

Mr Iddrisu said that the involvement of the finance committee would allow for a more in-depth examination of the request before parliament.

Meanwhile, former Energy Minister Dr Kwabena Donkor said he feared the deal would allow the government to take money from the Heritage Fund to support the purchase of stakes.

“The law has given way to the Stabilization Fund which was taken by the government last year in accordance with the conditions set out in the law, but the heritage fund is not for us, it is for the next generation, so any attempt to modify the PRMA (Petroleum Revenue Management Act 893) will create a condition for the government to attach the Heritage Fund. “

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