CSOs want Akufo-Addo to investigate Aker-AGM transaction

Imani Africa, and the Africa Centre for Energy Policy (ACEP) have welcomed AGM Petroleum’s announcement to relinquish its interest in the South Deepwater Tano (SDWT) block, which contains the Nyankom-1X, discovered from a drilling campaign launched in 2019.

As a result, they want more done to ensure the rule of law, and that Ghana is treated fairly as the sovereign in this business, which also concerns Aker Energy’s oil holdings in the country.

They have consequently proposed to President Akufo-Addo to immediately commission an investigation into the Aker-AGM transaction in order to instill a culture of accountability in the petroleum industry’s management. It is also to ensure that the country can rely on its leadership to avoid paying exorbitant fees on avoidable transactions, as well as to determine the source of the overwhelming power Aker and AGM have had to dictate their terms in the oil industry since 2018 and the preferential treatment they have received.

They additionally request that the President recommend specific steps to develop the Pecan field after Aker failed to submit an acceptable Plan of Development in five years as the operator of the Deep-Water Tano Cape Three Points (DWT/CTP) block.

“Aker has received ten extensions, and it appears imminent that the company will request the eleventh extension with clear indications that Aker has not fulfilled its obligations to Ghana under the terms of its contract.”

They urged all well-meaning Ghanaians to join their call for the President to launch this investigation.

Source: Energy Ghana