The IES has called on government to update the country on progress made on its unitization directive
The Institute for Energy (IES) MarketScan says it is concerned about the failure of Eni Ghana Exploration and Production Limited (ENI), and Springfield Exploration and Production Limited (Springfield), in implementing government’s directive to unitize the Afina discovery and the Sankofa Field.
According to a statement by the group, the former Minister for Energy, John Peter Amewu in 2020 directed the two entities to execute a Unitization and Unit Operating Agreement (UUOA), with respect to the Afina discovery in the West Cape Three Points (WCTP2) and the Sankofa Field in the offshore Cape Three Points (OCTP) contract areas.
Despite the directive being issued about a year ago, IES points out that ENI and Springfield are yet to execute the UUOA which it says among other things will lead to maximum economic benefits for the State, and for all the parties involved in the production of the unitized accumulation.
Quoting portions of the Petroleum (Exploration and Production) Act and citing similar principles in international practice, the IES has called on the government “to update the country on the progress so far made on its unitization directive to Eni and Springfield, as part of its accountability to the people of Ghana and prudent management of the country’s petroleum resources for the overall benefit of the citizens of Ghana”.
Read the full statement below:
