US based oil firm Kosmos Energy has announced that government has dropped all criminal and civil charges initiated against it. The company in a statement said it has also reached an agreement with the Ministry of Environment, Science and Technology for the waiver of a 40 million Ghana cedis fine imposed on it for three environmental accidents between December last year and March this year. The settlement should bring to an end a protracted and sometimes rancorous dispute which led to the scuttling of an over 4 billion dollar bid by US energy giant ExxonMobil for Kosmos’ stake in the Jubilee Field. Kosmos Energy is the Technical Operator for Development of the Field and holds a 23.49 percent stake whilst Tullow Oil, the operator has a 34.7 percent interest. The statement provides very little detail on the basis of the settlement, but indicates that “the Attorney General has formally confirmed that Kosmos will not be the subject or party to any criminal or judicial actions in Ghana for events prior to such confirmation.” The agreement covering the settlement of the protracted dispute with government over the company’s stake in the Jubilee Field is said to have been signed by Energy Minister, Dr. Joe Oteng-Adjei, Chairman of the Ghana National Petroleum Corporation, Ato Ahwoi, and Brian Maxted, Chief Operating Officer of Kosmos in Accra following the “first oil” celebration. That agreement according to the statement, specifically covers issues regarding data, as well as matters related to Kosmos’ debt facility and its corporate structure. The Kosmos COO is quoted in the statement as saying that “with first oil from the Jubilee Field flowing and these issues behind us, the government, GNPC and Kosmos have reaffirmed their positive and forward-looking relationship.” “We anticipate significant on-going capital investment in Ghana as we seek to expand and develop our oil and gas discoveries on the West Cape Three Points and Deepwater Tano licenses. This agreement with the Ghanaian government and GNPC validates our business strategy of investment in Africa. With the cooperation and support of host nations, we can maximize the hydrocarbon resource potential for the benefit of the people,”. With respect to the accidental mud discharges offshore Ghana earlier this year, the statement said Kosmos and the Ministry of Science, Environment and Technology have agreed that the company would support the Ministry’s efforts to build capacity in the environmental sector. Source: Joy Business/Ghana