- The deputy minister of energy in charge of petroleum, has claimed that Ghana spent $95 million between 2013 and 2016
- He however added that no productive oil well was found despite the amount of money spent
The deputy minister of energy in charge of petroleum, Dr. Mohammed Amin Adam, has disclosed that Ghana spent $95 million between 2013 and 2016, but found no productive oil well.
He stated that 13 petroleum contracts were signed between the John Mahama-led government and oil investors, with US$880 million set aside for exploration works.
Dr. Adam added it was for that reason the governing New Patriotic Party (NPP) government decided to change its strategy to pursue aggressive exploration in order to increase the country’s oil reserves and production before the Jubilee Oilfield got exhausted.
This, he said, would increase the country’s revenue from oil production in order to speed up the country’s infrastructural development and improve the welfare of the people.
Dr Adam made the disclosure at a news conference in Accra, in response to some concerns raised by IMANI Africa, a policy think tank, on alleged omissions and/or commissions on the part of government in respect of the Petroleum Agreement between the government and Aker Energy.
Per a Citinewsroom.com report, the deputy minister said the nation had between 55% and 60% net oil stake in the DWT/CTP oil block as agreed in the petroleum agreement with Aker Energy.
Responding to why the Ghana National Petroleum Corporation (GNPC) failed to acquire the 10% participating interest in the DWT/CTP block in 2015, Dr Adam said although funds were allocated for that purpose, the GNPC Management at that time failed to seize that opportunity.
He said, when Aker Energy acquired the right of interest of HESS in the DWT/CTP, the nation lost the opportunity to acquire the 10% participating interest.
Brainstorming: 6*8=? / Spell 'Your Name'| #Yencomgh