Former Vitality and Petroleum Minister and Deputy Minority Chief, Emmanuel Armah-Kofi Buah has stated President Nana Akufo-Addo should institute an instantaneous probe into the actions of GNPC’s Board Chairman, Freddy Blay and Chief Govt, Opoku Ahweneeh Danquah.
Based on the Ellembele MP, he has noticed with nice concern, the raging problem in respect of the choice by the Board Chairman of the Ghana Nationwide Petroleum Company (GNPC), and the CEO of the Company, to promote 50% of Ghana’s 7% stake within the Jubilee Fields to the Petroleum Oil and Fuel Company of South Africa (PetroSA).
Learn under his full assertion posted on his Twitter web page
THE ACTIONS OF GNPC’s BOARD CHAIRMAN AND CEO AMOUNT TO SHORTCHANGING GHANA’S INTEREST AND MUST BE INVESTIGATED
I’ve noticed with nice concern, the raging problem in respect of the choice by the Board Chairman of the Ghana Nationwide Petroleum Company (GNPC), and the CEO of the Company, to promote 50% of Ghana’s 7% stake within the Jubilee Fields to the Petroleum Oil and Fuel Company of South Africa (PetroSA).
This problem has undoubtedly spawned a full-blown turf struggle between the Minister of Vitality on the one hand and the Board Chairman and CEO of GNPC on the opposite. However beneath their heated exchanges lies the clear and apparent impropriety of the actions of the Board Chairman of GNPC, Mr. Freddie Blay and his CEO, which should be a topic of a severe investigation. It’s because, their actions smack of clear misconduct and have the potential to shortchange Ghana’s curiosity.
Ghana bought 7% stake within the Jubilee Fields value US$164.8 million by means of GNPC following Anadarko’s exit from the TEN and Jubilee fields and subsequent offloading of its shares to Kosmos in 2021, as a part of a negotiated tax settlement consented to by the Authorities of Ghana.
It’s only underneath a Joint Working Settlement (JOA) amongst contractor events of a Petroleum Settlement (PA), that Preemptive Rights could be exercised in transferring pursuits among the many Oil Companions. Preemptive Rights can solely be exercised on the transferor and never the transferee.
Underneath these circumstances, since GNPC was not a Contractor get together to the (PA) strictly talking underneath the outdated legislation ( PNDC Legislation 84) and solely holds the State’s taking part curiosity from Anadarko (the transferor), GNPC turns into a transferee. Therefore, the invitation to PetroSA to train a proper of preemption doesn’t come up on this case. What the Board Chairman of GNPC and the CEO are bent on doing subsequently successfully quantities to trying to relinquish Ghana’s curiosity on a silver platter.
It is very important level out that Ghana’s present producing fields- Jubilee, TEN and Sankofa are nicely over 50% depleted, and the Akufo-Addo/Bawumia NPP authorities has failed so as to add a single producing area since assuming workplace in 2017.
The least anticipated of GNPC- The Nationwide Oil Firm should subsequently be to take steps to extend Ghana’s stake in our oil assets in achievement of its mandate, relatively than ceding Ghana’s curiosity.
President Akufo-Addo should institute an instantaneous probe into the actions of GNPC’s Board Chair and Chief Govt.
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