Former Chief Executive of the Ghana National Petroleum Corporation (GNPC) Alex Mould has renewed calls for an independent investigation into the renegotiation of Aker Energy and government oil exploration deal.

Government last year renegotiated the deal to reduce the equity shares of Ghana and the GNPC to about 15 percent. This move was intended to give some incentive to Aker energy prior to the takeover of the Deep water Cape Three Point oil bloc from AGM Petroleum, the original company that acquired the block during the previous government.

According to Alex Mould, the move has no economic benefit to the state and should be reversed.

“I don’t know how anybody could be convinced by the decision by the government to reduce the country’s interest in an oil bloc that belongs to the people of Ghana, from 43% to 18%, for what reason” he questioned.

“There are so many questions that needs to be asked about this deal because it doesn’t make sense for me as an industry person and I think civil society and the media must ask questions”

Government last year justified the decision to renegotiate the agreement which led to a reduction of participating interest of the GNPC from 15% to 3% as well as reducing Ghana’s interest from the original 43% to 18%.

The new agreement has also increased Ghana’s free interest in the bloc to 15% from a previous 10%.

According to the government, Aker Energy eventually drilled three wells instead of the two outlined in the agreement and eventually struck oil after exploration in the deepwater Cape Three Points bloc.

Aker Energy reaffirmed commitment to developing Pecan Oilfield

Aker Energy Ghana Limited reaffirmed its commitment to finding a solution that will allow for the commencement of a phased development of the Pecan field offshore Ghana.

"In a time when most other E&P companies are putting development projects on the shelf due to the COVID-19 situation and historic low oil prices, Aker Energy and our partners, Lukoil, Fueltrade and GNPC, working closely with the government of Ghana, are actively pursuing a development concept where we can commence phase one of a phased development of the Pecan field,” says Håvard Garseth, CEO of Aker Energy. “

In March 2020, Aker Energy announced that a final investment decision (FID) for the Pecan field development project had been placed on hold, postponing the project. While no new date has been set for the FID, the company is working actively to confirm the feasibility of a phased Pecan field development by executing conceptual studies.