CSOs write to Speaker of Parliament to invite interested parties in AGM-AKER deal

CSOs write to Speaker of Parliament to invite interested parties in AGM-AKER deal
Bagbin

The Alliance of CSOs working on Extractives, Anti-Corruption, and Good Governance, has made a request to the Speaker of Parliament to invite all interested parties in the AGM-AKER deal.

They are of the view that this will pave way for a transparent conversation on the issue.

The request is captured as part of a letter written to the Speaker of Parliament to probe further GNPC’s transaction with AKER Energy Ghana.

The letter accused the GNPC of deliberate attacks against civil society groups over their concerns with a valuation of over a billion dollars.

The Country Director of the IMF, the World Bank, and the Embassy of the Kingdom of Norway, who are key stakeholders in the oil and gas sector of the country are copied in the letter.

About the AGM-AKER deal

GNPC, through its GNPC Explorco, is allowed to participate in the upstream petroleum sector, and it plans to purchase a 70 percent stake in the South Deep Water Tano (SDWT) operated by AGM Petroleum Ghana Limited, and a 37 percent stake in the Deep Water Tano/Cape Three Points (DWT/CTP) operated by Aker Energy Ghana Limited.

The company will form a joint operating company with the two entities and acquire the said stakes at different agreed prices.

GNPC has already secured Cabinet approval and is seeking a $1.65 billion loan.

The company has justified the deal, saying such a partnership with the two entities is critical because of the exiting of oil majors from the country.

It said it needed to build its capacity and take up a large part of the exploration activities before Ghana’s oil reserves hit a level of terminal decline.

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