Petroleum Commission’s Hybrid System is a rotten

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• Prof Lungu 9 years ago

  It was Indonesia that started the PSA in the early '60s, not Malaysia. Malaysia, later, adopted the PSA fiscal regime more aggressively, and upped their share of oil revenues.
  
  
  Also....."Depletable"!
  
  
  Like our Japane ...
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  It was Indonesia that started the PSA in the early '60s, not Malaysia. Malaysia, later, adopted the PSA fiscal regime more aggressively, and upped their share of oil revenues.
  
  
  Also....."Depletable"!
  
  
  Like our Japanese friends would say, "English is Hard"!
  
  
  Haba!
  
  
  Greetings!

  reply
• Dekportor 9 years ago

  Lungu, another stupid fool spinning around writing the same nonsense.

  Lungu, another stupid fool spinning around writing the same nonsense.

  reply
• C.Y. ANDY-K 9 years ago

  If it were the $51m hitch job the Mafiosi hired Woyome to execute, the real idiots and morons like you would have been here venting your venom on all and sundry linked to Woyome. But I supposed the $6bn lost by Ghana within t ...
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  If it were the $51m hitch job the Mafiosi hired Woyome to execute, the real idiots and morons like you would have been here venting your venom on all and sundry linked to Woyome. But I supposed the $6bn lost by Ghana within the short period of 5 years, thanks to the Concession System, which is being twerked with a new name, the Hybrid System, your pea-brains can't comprehend the enormity of the disaster befalling Ghanaians! Well, you don't even know how many millions make a billion, so I pity you!
  
  Andy-K

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• Kojo T 9 years ago

  C.Y. ANDY-K and most of his Ewe brothers like J.K. Bokor are all notorious morons.

  C.Y. ANDY-K and most of his Ewe brothers like J.K. Bokor are all notorious morons.

  reply
• Prof Lungu 9 years ago

  "notorious morons" must be those who steal other peoples' names/monikers to make disparaging comments.
  
  See yourself in the mirror, faux Kojo T!

  "notorious morons" must be those who steal other peoples' names/monikers to make disparaging comments.
  
  See yourself in the mirror, faux Kojo T!

  reply
• KKO 9 years ago

  Prof Lungu,
  I am also confused by the PC presentation. When exactly did this "hybrid" contract come into being? At least between 1985 and 1999, ALL contracts entered into by GNPC were based on the Production Contract Model ...
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  Prof Lungu,
  I am also confused by the PC presentation. When exactly did this "hybrid" contract come into being? At least between 1985 and 1999, ALL contracts entered into by GNPC were based on the Production Contract Model that was developed in the mid-1980s with the assistance of the Commonwealth Secretariat in London. And there are records to back this.
  
  Who got us into this mess? Was it one of those crooked deals that state officials make from time to time? The PSC was very easy to monitor and for tracking every barrel of oil produced and every dollar earned by both contractor and state. Is that the reason why it was changed? I wonder.

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• Prof Lungu 9 years ago

  Lucky you!
  
  Some of us have not been following this item going all the way back to 1985. We found the work being done by GIGS important enough about 3 years ago, and decided to lend our hand and voice.
  
  To cut to the chas ...
  read full comment

  Lucky you!
  
  Some of us have not been following this item going all the way back to 1985. We found the work being done by GIGS important enough about 3 years ago, and decided to lend our hand and voice.
  
  To cut to the chase, the NPP left the NDC a Concessionary contract for Jubilee. Now, the NDC, through the PC, is attempting to dress it up as a so-called "Ghana Hybrid System", with the Petroleum Exploration and Production (E&P) bill. At core, it is a concession.
  
  ------READ-----------------
  Energy expert declares: Ghana’s petroleum contracts signed are null and void
  
  Source: Ghana | Adom News | Listowell Kwadwo Fordjour
  
  Date: 07-08-2014 Time: 06:08:34:am
  
  
  Energy expert and Senior Research Officer at Ghana Institute of Governance and Security, Solomon Kwawukume says all the petroleum agreement contracts signed between government of Ghana and petroleum companies for exploration and other activities are illegal.
  
  According to him, the spirit and intent of PNDC Law 64 and 84 is to ensure that every petroleum agreement between the government of Ghana and any petroleum company is a production sharing agreement, but stressed that all the existing contracts were signed under concessional agreement instead.
  
  He therefore proposed that all the petroleum agreements signed should be declared null and void since they are not inconformity with the PNDC law 64 and 84 which is the only petroleum existing law in the country now for all petroleum exploration and production agreement.
  
  Solomon Kwawukume explains that due to the nature of the agreement signed Ghana has lost so much to the benefit of the petroleum companies currently operating in the country.
  
  Meanwhile, Solomon Kwawukume has cautioned Parliament not pass into law the Petroleum Exploration and Production Bill 2013 in its current form because it will further deprived the country of the full benefit of the country’s oil and gas.
  
  Cabinet has approved the Petroleum exploration and Production bill 2013 and it is expected to be laid before parliament for approval into law to regulate the upstream oil and gas industry in Ghana.
  
  He implored lawmakers in the country to make sure that the bill is thrown into the dustbin when it is laid before Parliament. The bill is a complete endorsement of the wholesale of the country and posterity will never forgive them, he insisted.
  Solomon Kwawukume said several effort have been made by the Institute to get members of parliament and the leadership of the country to understand the current path the country is threading in issuing oil contracts and blocks to companies and its implication, but unfortunately nobody seems to care.
  
  He said “the institute for instance has also donated 300 copies of their book Ghana’s oil and Gas Discoveries: Towards full Maximum Benefits a year ago to Parliament to be distributed to members as educational material to enable them appreciate which course Ghana should tread. To our surprise, 200 copies were left on the floor in the Clerk’s office because it is alleged some leaders in Parliament said the contents of the book should not be known to the greater majority in Parliament. I was compelled to collect them on 16th July, 2014.’’
  Moreover, the Executive Director of Ghana Institute of Governance and Security David Agbee said is calling for the quick adoption of Production Sharing Agreement to enable the country benefit fully in the oil and gas discovered in the country.
  
  He said if Ghana was operating under Production Sharing Agreement, the country would have earned over US$4 billion at the end of December 2013 and at the end of 31st March 2014, Ghana should have earned over US$5 billion but the country could only earned US$1.8billion in 3 years while the foreign oil companies made away with US$7.590 billion. At the end of 31st March, 2014 Ghana earned US$2.089 billion while the contractors made away with US$8.448 billion in the name of investment.
  The Executive Director said ‘’If our political leaders and the technocrats were to throw away their self-interests and be bold enough to adopt the pure PSA, Ghana, with revenue accruing from the Jubilee Fields alone would experience a great transformation. Ghana would earn over US$50 billion in 20 years as against the US$20billion and US$19 billion estimated by the IMF and the World Bank respectively’’
  
  
  (Source: www.myjoyonline.com/business/2014/august-7th/energy-expert-declares-ghanas-petroleum-contracts-signed-are-null-and-void.php#sthash.maYZCwDT.dpuf)
  
  
  ------------MORE AT-------
  www.GhanaHero.com/FTOS_Gh_Campaign/
  
  Join the Campaign!
  
  Sign Petition at: www.change.org/p/ghana-fair-trade-oil-share-psa-campaign-ftos-gh-psa.

  reply
• Prof Lungu 9 years ago

  Neglected to mention!
  
  The link to Listowell Kwadwo Fordjour's 07-08-2014 article is also on that dedicated page, for FTOS-Gh, @ www.GhanaHero.com/FTOS_Gh_Campaign/.

  Neglected to mention!
  
  The link to Listowell Kwadwo Fordjour's 07-08-2014 article is also on that dedicated page, for FTOS-Gh, @ www.GhanaHero.com/FTOS_Gh_Campaign/.

  reply