Akufo-Addo gov’t secured key approvals for new oil discovery – Adomako-Mensah

The Deputy Ranking Member on Parliament’s Energy Committee and Member of Parliament for Afigya Kwabre North, Collins Adomako-Mensah, has credited the previous government under Nana Addo Dankwa Akufo-Addo for laying the groundwork for the newly announced oil and gas discovery in the Deepwater Tano Cape Three Points (DWTCTP) block.

He argues that key contractual and administrative processes that enabled the exploration project to proceed were completed under the previous government, urging recognition of its contribution to the discovery.

The comments follow President John Dramani Mahama’s announcement on Tuesday, November 10, of a new oil and gas discovery in the Deepwater Cape Three Points block in the Tano Basin.

The discovery was made by Planet One Oil and Gas Limited in partnership with GNPC following the drilling of the Nya Gyidie-1X exploration well.

The find contains gas and condensate, although its estimated size has not yet been established

In a Facebook post on Wednesday, November 11, Mr Adomako-Mensah outlined the series of decisions and approvals that facilitated the entry of Planet One Oil and Gas Limited into the contract area and its eventual appointment as operator.

His account traced the process to May 2021, when ExxonMobil, the then operator of the DWTCTP contract area, communicated its decision to relinquish its interest in the block.

Following ExxonMobil’s exit, he said the Ministry of Energy, in May 2022, approved the transfer of its 80% participating interest to GOIL Offshore, which already held a five per cent stake. This brought GOIL Offshore’s interest to 85 per cent, while the Ghana National Petroleum Corporation (GNPC) retained 15 per cent.

Mr Adomako-Mensah said the Ministry subsequently directed GOIL Offshore to secure a strategic partner to enable it to meet its obligations under the petroleum agreement.

That process culminated in the Ministry’s February 14, 2024 approval of GOIL Offshore’s request to transfer 75 per cent of its participating interest to Planet One.

Planet One was subsequently nominated by the partners as operator of the contract area, with the Ministry approving the nomination.

The MP also highlighted the extension of the Initial Exploration Period, which he said was granted to allow the companies to complete outstanding studies and prepare for exploratory drilling.

According to him, the Petroleum Commission approved a two-year extension, comprising an initial six-month extension and a further 18 months, ending on January 2, 2026.

He said the extension was specifically intended to enable the companies to undertake additional studies and drill an exploration well.

“Thus, by January 7, 2025, when the Akufo-Addo-Bawumia administration handed over to President Mahama, all the background work from the side of the state culminating in the just announced discovery had been sealed,” he wrote.

He consequently called for recognition of the previous administration’s role in facilitating the project, specifically acknowledging former Energy Minister Matthew Opoku Prempeh.

“Let us give credit when necessary!!!!” he said, adding: “Dr. Matthew Opoku Prempeh You played a key role. Thanks, sir.”