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Company News from Saturday, May 4, 2019
Source: clbadfmonline.com
2019-05-04
Peter Amewu, Minister of Energy
Parliament has asked Energy Minister John Peter Amewu to renegotiate the amended agreement between the government and AGM Petroleum for oil exploration in the Deep South West Tano oil bloc.
The minority opposed the government's proposal to amend the original 2013 agreement by insisting that Ghana would only hold 43 percent of its stake in the bloc and that the country would lose $ 10 billion.
The minority also questioned the basis of Quad Petroleum's 5% stake in a company registered only last year as a local partner.
On Friday, May 3, 2019, after conducting a series of consultations among the leaders, the Parliament agreed to approve the agreement, but ordered the government to amend it and increase the additional interest from 3% to 10%. Ghana National Oil Corporation (GNPC).
Mr. Amewu has six months to return home to inform legislators of the steps taken to renegotiate the amended agreement.
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