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Ghana will be shortchanged if the government goes ahead to fork out $1.65 billion for shares in two oil blocks, the Alliance of civil society organisations working on Extractives, Anti-Corruption and Good Governance, has warned.
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.
Aug. 7, 2021
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