Support GNPC’s resolve to acquire stakes in offshore fields – Dr Manteaw to CSOs

Video Archive
Sat, 7 Aug 2021 Source: www.ghanaweb.com

• CSOs have been urged to support the GNPC in its move to acquire stakes in Ghana's offshore fields

•The move is intended to boost oil exploration and production efforts

•A memorandum was last week submitted to parliament requesting approval for a loan of US$1.65 billion for the purchase

Dr Steve Manteaw, Chairman of the Civil Society Platform, has urged colleagues from other CSOs to throw their support behind the Ghana National Petroleum Corporation's resolve to acquire two stakes in the offshore fields for oil exploration and production.

Energy Minister, Dr. Matthew Opoku Prempeh, in a memorandum submitted to parliament last week, requested approval of a loan of US$1.65 billion for the purchase.

Reacting to the development on JoyNews’ NewsFile, Dr Manteaw argued that CSOs must make a collective effort in supporting the cause rather than being divided over the move, adding that the GNPC must be allowed to proceed with the arrangement, else it will fail in building its own capacity to explore and produce the country’s oil resources.

Already, some CSOs appear to be divided over GNPCs decision, with some thus far calling for a probe into the intended move to purchase the stakes.

“We will be behaving irrationally if we don’t support GNPC to increase its stake now. We don’t need a parliamentary investigation. It is just lack of information,” Dr Manteaw is quoted by myjoyonline to have said this on NewsFile.

Dr. Manteaw further lauded the GNPC for its transparency on plans to make the move and thanked them for engaging in stakeholder consultations before seeking approval from parliament.

Meanwhile, a petroleum expert, Dr Theo Acheampong, has also commended the GNPC's intention to purchase the two offshore stakes.

Dr Acheampong believes the move has enough justification to proceed as it will ensure GNPC gains control of oil exploration projects.

“They talk about building and expanding their capacity, they talk about growing and replacing reserves, they talk about efficient capitalization which is where the money bit comes in, and then they also talk about capitalizing local content development,” Dr Acheampong said on Accra-based Asaase Radio monitored by GhanaWeb.

The process on the part of the government through GNPC has been initiated to acquire a 37% stake in the Deep Water Tano Cape Three Points and a 70% stake in the South Deepwater Tano.

Should the move sail through, Ghana’s interest in the Aker Energy and AGM blocks will increase to 47% and 85% respectively.

Source: www.ghanaweb.com
Related Articles: