Ghana may lose $30 billion oil find to Norwegian company

Ghana may lose $30 billion oil find to Norwegian company

- IMANI Ghana has said Ghana might lose $30 billion oil find to a Norwegian company, Aker Energy

- Vice-President Kofi Bentil argued forcefully that the find is being claimed by Aker Energy without a legal basis

Civil society group, IMANI Ghana has said, unless government acts quickly to protect the interest of the state, Ghana might lose $30 billion oil find to a Norwegian company, Aker Energy.

The estimated 450 million to 550 million barrels of oil , which was discovered in two wells in February and March 2019,are touted as the biggest oil find in Africa.

At a forum organized by IMANI-Ghana, its Vice-President Kofi Bentil argued forcefully that the find is being claimed by Aker Energy without a legal basis.

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Kofi Bentil argued by the laws governing oil exploration and production in Ghana that, any oil find made outside of the exploration period cannot be claimed by the company that found it.

He emphasized the new wells could not be said to be part of the original well because an assessment showed that there was no dynamic communication between the new wells and the existing one. Dynamic communication is the basis for determining whether an oil find is independent of an existing one.

Kofi Bentil read copiously, documents suggesting that Aker Energy has submitted to the government its Plan Development in respect of the new wells.

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By law, the Minister of Energy is expected to assess that Plan of Development (PoD) and either disagree or endorse it.

Where the minister fails to respond in 30 days, the proposals submitted by the company are deemed as accepted.

The IMANI vice president said by Friday, April 26, 2019, if the Energy Minister John Peter Amewu fails to respond, the $30 billion oil find would become the sole property of Aker Energy.

He said he does not understand why the ministry appears to be lax while the country stands on the cusp of losing a resource that rightfully belongs to the people of Ghana.

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Source: Yen.com.gh

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