Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Ghana’s nascent oil sector suffers credibility blow

Two officials of Ghana’s Ministry of Energy and Petroleum are at the centre of what has been described as “insider dealings” in the award of contracts in the oil and gas industry following the alleged forging of the signature of the Minister of Energy and Petroleum by an employee of Miura Petroleum, an oil firm claiming the right of first negotiation over the Offshore Cape Three Points South (OCTPS) block in Ghana.

According to Africa Center for Energy Policy (ACEP), an energy policy think-tank, the recent forgery has exposed Ghana to international ridicule.

Miura Petroleum, in conjunction with its parent company Gondwana Oil Corporation, had recently stated that its assets in Ghana included the right to the offshore block about which it had begun negotiations with the government of Ghana. However, in a press release by the Ministry of Energy and Petroleum, Miura has been accused of forgery in connection with the award letter and signature of the Minister of Energy and Petroleum, and denied ever awarding the right of first negotiation to Miura.

Miura was the company originally awarded the right and has already bagged in US$1.5 million having sold majority shares to Gondwana. This means that Miura has already made a financial gain in respect of the transaction.

ACEP  is also concerned that many other companies around the world may be holding letters with forged signatures allegedly from Ghana and taking advantage of Ghana’s oil and gas industry to make money.

Gondwana Oil Corp has recently listed on the Canadian stock exchange to mobilise funds for its operations. The controversy, if proven, exposes other companies holding Petroleum Agreements from Ghana to serious risks in the international capital market. It is also alleged that Gondwana used the forged letter in its Listing statement to the Canadian Stock Exchange.

ACEP recently cited Miura Petroleum’s claim to assets offshore Ghana as example of Ghana “giving away” juicy blocks to inexperienced and questionable oil companies and called for a moratorium on further licensing until the new Petroleum (Exploration and Production) Bill was passed.

“We strongly believe that the secrecy surrounding oil deals in Ghana is largely responsible for this alleged forgery and criminality. It is, therefore, no longer an option but a necessity for Ghana to adopt an open and competitive process for granting oil and gas concessions. Parliament must also invite public comments before approving Petroleum Agreements”, said ACEP.

The centre therefore called on the government to award oil blocks to companies that had the financial muscle to finance the huge capital operations in the oil industry seriously.

Source: Business Day

Get the latest news and updates on Ghana’s oil and gas value chain by following us Reporting Oil and Gas on twitter @oilgasghana and like our facebook page and get at us on Google+. Subscribe to our group to get updates.

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar