Some 15 CSOs in the extractive industry have petitioned parliament to stop the Ghana National Petroleum Corporation (GNPC) from acquiring stakes in Aker Energy and AGM Petroleum Ghana oil blocks.

According to them, the deal threatens Ghana’s economic and fiscal outlook.

Whilst it acknowledge in the petition that its members are not opposed to the government of Ghana increasing its stake in natural resource ownership, it warned the deal was not in the interest of Ghanaians.

“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, ostensibly glossing over important threats of the transaction to the country’s fiscal situation,” it argued.

Whilst it said noted in the petition that its members were not opposed to the government increasing its stake in natural resource ownership, it warned that this deal was not in the interest of Ghanaians.

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

The corporation recently asked parliament to approve a loan of $1.65 billion for the acquisition of the stakes in Ghana’s offshore fields.

This was done through the Energy Minister, Dr. Mathew Opoku Prempeh who submitted a memorandum to that effect to the legislature.

In the memoranda, GNPC said it seeks approval to purchase a 70% stake in the South Deep Water Tano (SDWT) operated by AGM Petroleum Ghana Limited and a 37% stake in the Deep Water Tano/Cape Three Points (DWT/CTP) operated by Aker Energy Ghana Limited.

“Provision of a loan not exceeding US$1.65 billion to finance the acquisition at a price to be negotiated which might not exceed US$1.3 billion and GC Explorco share of capital expenditure (CAPEX) to Pecan Phase 1 First Oil of US$350 million.”

Such partnerships, the GNPC noted, were critical.