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News Review

Weekly News Reviews 19-23 February

  • SOURCE: Reportingoilandgas | Gideon Ofosu-Peasah
  • Below are the stories which made headlines for the week

     

    Petroleum Commission takes measures to enforce local content in petroleum upstream sector

    According to reportingoilandgas.org, the Petroleum Commission held its first Local Content and Procurement Conference on 19th February to provide a platform for International Oil Companies (IOCs) to interact with indigenous companies on contract and procurement opportunities in the Ghana’s upstream sector for the year and to share bid winning strategies.

     

    Stakeholder call for oil spillage policy

    Stakeholders in the oil, gas and environment have called for an oil spill policy for the country. According to a Consultant at Friends of The Nation Mr. Mullie a detailed review of the national oil spillage contingency plan revealed some gaps

     

    Exxonmobil agreement not the best ever- analyst contests ministers claim

    A Policy Analyst and Member of the Public Interest Accountability Committee Dr Steve Manteaw has debunked claims by the Energy Minister that the ExxonMobil agreement is the best ever agreement signed in the petroleum sector.  Outlining the stake of government in contracts signed with previous companies Dr. Manteaw said ExxonMobil agreement cannot be said to be the best. “The ENI agreement which was signed ahead of ExxonMobil has Carried and Participating Interest totaling 20% while ExxonMobil said to be the best has 18% Carried and Participating Interest,” he noted. .(myjoyonline.com)

     

    Aker Energy buys Hess Ghana business         

    Aker Energy said the proposed transaction, which is subject to approval from Ghanaian authorities, gives it a 50-percent stake in the ultra-deep-water Tano Cape Three Points block which holds an estimated 550 million barrels of oil equivalent and has the potential for a further 400 million barrels.Aker ,Roekke’s main listed investment vehicle, owns 50 percent of Aker Energy, while TRG, his privately held holding company, owns the remainder.Aker Energy plans to present a development plan for the block this year, with production from in Ghana  expected to start in 2021.(graphic.com)

     

    Dr Manteaw elected PIAC chairman    

    A Policy Analyst with the Integrated Social Development Centre (ISODEC), Dr. Steve Manteaw, has been elected to chair the Public Interest and Accountability Committee (PIAC) whilst Dr. Thomas Kojo Stephens, of the Ghana Bar Association (GBA), was elected Vice Chair.

    The newly elected Chairman as a norm administered the Official Oath and the Oath of Secrecy to the representative of the Association of Ghana Industries and Ghana Chamber of Commerce and Industry, Ing. Frederick Alipui who replaces Mr. Charles Atuahene.(B&FT)

     

    ExxonMobil deal exposes flaws in Petroleum Law – Prof. Atuguba

     Constitutional and Petroleum Law Expert, Professor Raymond Atuguba has said the petroleum agreement between Exxon Mobil Corporation (ExxonMobil) and the government of Ghana exposes the flaws in the legal framework for oil governance in the country.

    He said whereas some provisions in the agreement lacked transparency, the agreement could be described as an example of the jaundiced and confused policy and legal framework for oil governance in the country, making room for corruption.

    Presenting a legal and political economy analysis of the deal to members of the Institute and Financial Journalists at Akosombo, Prof. Atuguba said although the Petroleum Exploration and Production Law (2016), Act 919 had an excellent objective, some policy provisions within the same law undo all the fine provisions.

    “The problem is not in the policy intendment of the law.The problem is the undoing of the fine policy provisions by the operational provisions. Whilst one legal arm gives, another takes in the dark,” he said.(graphic.com)

     

     

    Gideon Ofosu-Peasah

    Gideon Ofosu-Peasah

    Policy Analyst at Penplusbytes
    Gideon Ofosu-Peasah is the Policy Analyst and Team Lead for the Extractives Department at Penplusbytes, where he provides insights, advice and leads in producing robust research backed projects for the team. He has over 7 years of experience in the Ghanaian oil and gas industry and has a number of scholarly research papers to his credit which have been published in the prestigious Social Science Research Network(SSRN) electronic journal and on reportingoilandgas.org. He holds an Msc in Economics with specialization in Energy and Natural Resource Economics from the Kwame Nkrumah University of Science and Technology.
    Gideon Ofosu-Peasah

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