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Energy expert demands full disclosure of details on state of FPSO

fpsoEnergy expert demands full disclosure of details on the state of FPSO amid fears repair works will take another eight more weeks.

The Co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr. Steve Manteaw is asking the lead operator of the Jubilee Fields, Tullow Ghana to come clean on the current state of the FPSO.

He believes, there is much to the issue than it is being disclosed to Ghanaians.

He said this on the sidelines of a one-day workshop organized by the Institute of Financial and Economic Journalist (IFEJ) in partnership with GIZ, a German Non-Governmental Organization.

The GHEITI Co-Chair said this has dire consequences for the 2016 budget and Ghana’s ability to generate the needed gas for power generation which could even get worse if unresolved soon.

“The information regarding the FPSO is being managed in a way, but we don’t realize the seriousness of the crisis we find ourselves,” Dr. Manteaw said.

According to him, the reason the shutdown is being managed is to protect the share value of two companies in the jubilee field; Cosmos Energy and Tullow Ghana, which are listed companies .

He said that can affect their ability to mobilize resources to continue to finance other projects.

As citizens, Dr. Manteaw says all Ghanaians must be interested because the 2016 Budget has been premised on a certain projection of revenue to be obtained from the oil sector adding that the longer it takes to fix the problem, the longer it takes for Ghana to meet its revenue projection.

Source: http://www.myjoyonline.com/business/2016/April-26th/energy-expert-demands-full-disclosure-of-details-on-state-of-fpso.php#sthash.tvxruAHL.dpuf

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