We are vindicated; probe $1.3 billion GNPC Aker-AGM deal – Minority

The Minority in Parliament has reiterated the call for a probe into circumstances leading to the approval of a US$1.3 billion dollar GNPC deal with Aker Energy and AGM Petroleum for the acquisition of stakes in oil fields.

GNPC was to acquire a 70% stake in AGM Petroleum block for $700 million and a 30% stake in Aker Energy’s concession for $600 million.

The deal which secured cabinet as well as parliament approval despite opposition from the minority has now collapsed with AGM packing out of the country.

Speaking to the media in parliament deputy Minority leader and former energy minister Emmanuel Armah Kofi Buah said his side has been vindicated.

The Ellembelle MP called for a probe into the entire deal.

“We warned them; we insisted; we spoke about the risk of the South Deep Water Tano block and said that first of all, the block was about 3,000 meters deep and that the technology to even develop that block does not exist.

“So, why will Aker who wants to make money sell that block to Ghana without proper valuation? The government said it was going to buy and we insisted that it was not of value. Less than a year and a half later, Aker has said that that block has been relinquished that is basically, they’ve given up and given it back to Ghana,” the former Minister for Energy stated.

He continued: “Can you imagine if we had bought it? It is important we make it clear that when that transaction came, we stood on the side of the people of Ghana and we insisted that we cannot buy the South Deep Water Tano block because it was valueless. We will continue to stand up for the people of Ghana.”