John Peter Amewu, Energy Minister<\/span><\/span><\/p>\n<\/div>\nGovernment says Policy Think Tank IMANI goofed when it sought to question portions of the contractual agreement it signed with and Aker Energy.<\/p>\n
\u201cThe contract area has seven discoveries namely pecan north, almond, cob, beech, pecan, paradise and hickory north. The first five are oil discoveries while paradise and hickory north are gas discoveries.<\/p>\n
\u201cAker Energy acquired the interest of AMERADA HESS Ghana Limited in February 2018 and proceeded to continue the unfinished works under the programme of an appraisal to HESS\u201d he told the media, Friday.<\/p>\n
IMANI at a recent public advocacy program challenged what it says were various acts of omissions on the part of the government of Ghana in respect of the plan of development submitted by Aker Energy and on behalf of all the contracting parties in the Petroleum Agreement (PA) covering the Deep Water Tano\/Cape Three Points (DWT\/CTP) contract area.<\/p>\n
But the Energy Minister John Peter Amewu at a news briefing in Accra described the claims by IMANI as total falsehood.<\/p>\n
In providing some background information on the agreement, Mr Amewu said the PA covering the DWT\/CTP contract area operated by Aker Energy was executed on February 8, 2006 between the Government of Ghana -GNPC, AMERADA HESS Corporation, Lukoil and FUELTRADE subsequently farmed in 2015.<\/p>\n
He disclosed that Fueltrade\u2019s participating interest was set at 2% for which it paid about $9 million with a performance guarantee of 2 million USD.<\/p>\n
Is Ghana losing $30 million?<\/b><\/p>\n
The Energy Minister criticised IMANI for misinforming Ghanaians on a potential loss of $30 billion to the country if the government failed to negotiate a new petroleum agreement.<\/p>\n
\u201cIMANI tried to alarm Ghanaians about a potential loss of $30 billion to the country if the government failed to negotiate a new petroleum agreement with new terms with the DWT\/CTP partners. This is absolutely false\u201d he said.<\/p>\n
Mr Amewu revealed that Aker Energy, on behalf of its partners announced after a successful appraisal of the Pecan Field discovery, a significant oil find as captured below \u201cBased on existing subsurface data from seismic, wells drilled and an analysis of the Pecan -4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 \u2013 550 million barrels of oil equivalent.\u201d<\/p>\n
How did IMANI arrive at valuation of the field at $30 billion?<\/b><\/p>\n
In questioning the valuation of the field at $30 billion, the Energy Minister said IMANI simply multiplied the assumed price of $65 per barrel by 450 million barrels.<\/p>\n
\u201cThis exposes the weaknesses in IMANI\u2019s analyses as well as its poor understanding of petroleum economics. The 450 million barrels of oil equivalent are gross contingent resources, which are the potential resource available all of which cannot be recovered under current technology. IMANI wants us to believe that all the 450 million barrels of oil equivalent will be produced but fails to explain how that can be\u201d Amewu said.<\/p>\n
He added that \u201cIn Ghana, our average crude oil recovery rate is 25%. At this rate, the field value will be estimated at $7.3 billion assuming a price of $65 per barrel. We are working with Aker Energy to enhance oil recovery mechanism to achieve a recovery rate of 40%, which will be the highest in Ghana\u2019s oil and gas history and which occurrence will appreciate the value to $11.7 billion. This will be a significant gain for both Ghana and the partners.\u201d<\/p>\n
He announced that there was no basis for a new petroleum agreement as claimed by IMANI because the work that was done by Aker Energy formed part of an appraisal programme based on the existing petroleum agreement.<\/p>\n
\u201cIt must be stated that as a country we operate within the laws governing petroleum agreements, therefore any petroleum find when produced will be shared according to the terms of the applicable petroleum agreement,\u201d said Amewu.<\/p>\n
The Minister in his concluding presentation denied allegations by IMANI that Fuel Trade is owned by the CEO of the Ghana National Petroleum Authority Dr K.K. Sarpong and his family.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Business News of Friday, 26 April 2019 Source: Myjoyonline.com 2019-04-26 John Peter Amewu, Energy Minister Government says Policy Think Tank IMANI goofed when it sought to question portions of the contractual agreement it signed with and Aker Energy. \u201cThe contract area has seven discoveries namely pecan north, almond, cob, beech, pecan, paradise and hickory north. […]<\/p>\n","protected":false},"author":1,"featured_media":595992,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-610533","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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![\"Amewu](\"https:\/\/cdn.ghanamma.com\/2019\/03\/87236341.295.jpg\" "\\"Amewu")
John Peter Amewu, Energy Minister<\/span><\/span><\/p>\n<\/div>\n