Parliament petitioned to probe $1.65 billion GNPC/Aker Energy deal

Some civil society organisations have filed a petition calling on Parliament to reconsider the planned acquisition of stakes in Aker Energy and AGM Petroleum Ghana oil blocks by the Ghana National Petroleum Corporation (GNPC).

The group made up of 15 civil society groups, said the possible merits of the deal “cannot be a guise for poor decisions that threaten the country’s economic and fiscal outlook.”

The group said “We are clear in our minds that the transactions if approved will shortchange Ghana.

“Therefore we request Parliament to intervene given that the deal has already gone through all the relevant branches of the Executive ostensible glossing over important threats of the transaction to the country’s fiscal situation.”

The Ghana National Petroleum Corporation (GNPC) wants to acquire stakes in two oil blocks—a 37% share in the Deep Water Tano/Cape Three Points (DWT/CTP) operated by Aker Energy and a 70% stake in the South Deep Water Tano( DWT/CTP) field operated by AGM Petroleum.

The deal, according to the Ministry of Energy, will result in the formation of a joint operating company with Aker Energy, AGM, and GNPC Explorco, the operating subsidiary of the state oil company, as partners.

The GNPC is counting on Norway’s Aker and the United State’s AGM to build the muscles of GNPC Explorco, to become a profitable operator–exploring and drilling oil.

However, Parliament’s Joint Committee on Energy and Finance has recommended approval of the government’s request for a loan to enable GNPC to acquire a 37% stake in Aker Energy and a 70% stake in AGM Petroleum’s oil blocks.