Nigeria: Court Stops NNPC’s Recruitment Exercise
The Federal High Court in the capital of Nigeria, Abuja, has ordered the Nigeria National Petroleum Corporation (NNPC) to stop its ongoing job recruitment pending determination of a suit filed by one Pelumi Olajengbesi.
Olajengbesi, a public interest lawyer, had commenced the enforcement of the fundamental rights of all potential applicants to set aside the recruitment by the NNPC on the ground that it was discriminatory.
The recruitment had disqualified Nigerians above the age of 28 from applying for the vacant positions.
Olajengbesi had faulted the age criterion placed on the ongoing recruitment of the NNPC noting that it violated section 3(e)(iv) of the Fundamental Rights (Enforcement Procedure), 2009 which protected the public interest of Nigerians.
He had written to the then Group Managing Director of NNPC, Dr Maikanti Baru, on March 26, threatening to drag the organisation to court for placing discriminatory age requirement on qualified Nigerians who would have applied for the jobs advertised by the corporation.
The NNPC had invited applications from candidates for a number of positions including trainees who must not be more than 28 years as of Dec. 31, 2018 and had graduated from a university or polytechnic not earlier than 2014.
At the hearing on Oct. 18, 2019, the applicant prayed the court to ensure that justice was served on the unemployed Nigerians who needed to know their stand in the matter.
“The matter has long been before the court and the rest of the matter is at a stake and under Order 8 Rule 4 of the Article II of the African Charter of Human and People’s Right (Ratification and Enforcement) Act.
“I pray that the matter be heard together with the preliminary objection filed by the respondents in the interest of justice,” the applicant said.
When the matter was called up, the applicant’s counsel informed the court that the respondent filed his counter on Oct. 15, 2019.
In reply, the respondent informed the court that he was sick and had surgery.
The presiding judge, Justice Muhammed Tsoho, who is also the acting Chief Justice of The Federal High Court, informed the respondent’s counsel that his counter was not proper before the court and had not been regularised.
The court in considering the urgent nature of the matter granted an adjournment for the respondents to regularise their counter.
Tsoho however, ordered that parties must maintain status quo pending the hearing of the substantive suit.
He adjourned the matter until Oct. 29, 2019, for hearing.
Libya: Gov’t Reduces Subsidies On LPG
Libya’s Ministry of Economy has hinted of plans to reduce subsidies on kerosene (paraffin) for commercial and industrial use.
The Ministry has set the new price at LD 0.85, the state’s share of cost to produce the kerosene.
The Ministry also said that it is looking to realign the price of other fuels, including petrol, once it starts to implement the planned cash subsidy-substitution policy
Ghana: Gov’t To Release PDS Findings In The Next ‘Few Days’ –Energy Minister
Ghana’s Minister for Energy John-Peter Amewu, says government’s findings on the controversial Power Distribution Service (PDS) deal will be made public in few days’ time.
“The suspension is in place. Government is taking measures to address the problem and the issue that led to the suspension and we are taking our time to examine every issue that led to the suspension then we can take a firm decision.”
“You will remember that the suspension has been extended…We will come out clearly and I am sure that within the next few days you will be hearing the government’s position,” Mr. Amewu revealed.
On Tuesday, July 30, 2019, the government announced the suspension of the concession agreement and explained that the decision followed the “detection of fundamental and material breaches” on the part of PDS.
Two teams were subsequently tasked to probe allegations of contractual breaches between government and PDS.
The teams were sent to Qatar and the United States for the probe and had since presented their report to government.
FTI Consulting, a United States-based consulting firm commissioned by the Millennium Development Authority (MiDA) to investigate whether or not PDS Ltd duly won the contract to manage the assets of the ECG, also confirmed that insurance guarantees were, indeed, paid to back the PDS’ takeover of the assets and operations of the ECG.
A 32-page report submitted by FTI Consulting to MiDA, dated September 3, 2019 and signed by Pat Pericak and David Okhumal, both officials of the consulting firm, said: “We have not seen any documents that would suggest that, as of March 1, 2019, PDS, Cal Bank, Donewell and/or personnel from MiDA should have questioned the validity of the payment securities.”
“We further note that officials from Al Koot confirmed to K&L Gates, a law firm in Qatar, that the stamp applied on the Acknowledgement and Agreement page of the Payment Securities is that of Al Koot. They further confirmed that the signatures are those of Al Nouri and Fadi Danghouth, who are employees of Al Koot,” the report disclosed in response to claims by Al Koot that the staff who signed the insurance guarantee did not have the authority to do so.
Ghana: Energy Minister Replies Opposition Party; Says Gov’t Can’t Control PDS Concessionaires
Ghana’s Minister for Energy, John-Peter Amewu says although the government of Ghana has a contract with the Power Distribution Services (PDS), which is managing the distribution business of Electricity Company of Ghana, it cannot control deals among members of the consortium that make up PDS.
Mr Amewu stated that “MCC [Millennium Challenge Corporation], through the Ghana government, has no direct agreement with Meralco or Meridian Power Ventures. The agreement we have was with Power Distributing Service Company Limited, a consortium of companies and members of that company can change at any particular point in time.”
His comments were in reaction to allegations by Ghana’s main opposition party, National Democratic Congress (NDC) that it has intercepted a document that allegedly exposes a clandestine plan by the government to loot the assets of the Electricity Company of Ghana (ECG).
At a news conference in Accra, Thursday, a former Deputy Minister for Energy and petroleum, Mr John Abdulai Jinapor, said checks by the opposition political party the National Democratic Congress (NDC) revealed that Meridian was incorporated in Hong Kong six days after Cabinet’s approval of Meralco Limited as a 30 percent foreign shareholder, but it had since been blacklisted by the Hong Kong authorities.
“We challenge the Minister for Finance, who has been spearheading the concession and trying to restructure the agreement and shareholding and have given the Minister a 24-hr ultimatum to come out and address the issues, or we shall use all legitimate means available to seek redress,” Mr Jinapor stated.
But Mr Amewu rejected that claim and offered some explanations.
“If there is the need for shareholding agreement in the governing structure in companies, those shareholders do not directly have an agreement with the Ghana government. So, we don’t need consent to that. This is not a joint operating agreement where they will need the government’s consent. This is a shareholding agreement which is basically sharing of profit so there is no need for consent from the government,” he pointed out.
Speaking on an Accra-based Joy FM, Mr Amewu also reacted to recent allegation that Meralco wanted to pull out of the PDS deal because of unhealthy political environment in the West African nation.
He said should that happen, it would be worrisome.
He said the government would be much interested to know the reasons the company wanted to exit.
“Don’t forget, Meralco is the main technical partner in this whole arrangement. The backbone of this ECG-PDS arrangement relies largely on Meralco to drive the processes in terms of the reformation forward. So, if they want to pull out, it will be very worrying and the government will have to investigate,” he said.
Source: www.energynewsafrica.com
World Oil Awards 2019 Winners Honored At Houston Gala
More than 350 of the upstream oil and gas industry’s brightest minds gathered on Thursday to find out, and celebrate, the winners of the 2019 World Oil Awards.
The awards ceremony, now in its 18th year, seeks to recognize and honor the upstream oil and gas industry’s top innovations and innovators.
Honorees took home awards in 18 categories—encompassing the full breadth of the upstream industry—from the gala event in Houston, Texas.
This year, more than 260 nominations were submitted from over 90 companies in more than a dozen countries around the world.
Two new categories were introduced: Best Water Management Technology and Best Oilfield Fluids and Chemicals Award (combined from last year). Ninety-four finalists were selected, and the award winners were hand-picked by the World Oil Awards advisory board as this year’s most groundbreaking industry developments.
A complete list of the categories and winners appears below:
Best Completion Technology Award – TR1P Single-Trip Completion System – Weatherford
Best Data Management & Application Solution Award – SeaLytics 3.0 BOP Advisor – Baker Hughes Company
Best Deepwater Technology Award – 20,000-psi Subsea System – OneSubsea, Schlumberger
Best Oilfield Fluids and Chemicals Award – MAX-LOCK Lost Circulation Material – Baker Hughes Company
Best Drilling Technology Award – EarthStar 3D Inversions – Halliburton
Best EOR Technology Award (tie) – Winner: ESP-Enabled “HEAL” Horizontal Enhanced Artificial Lift System – HEAL Systems (a Schlumberger and Production Plus Energy Services JV) Winner: CO2 Capture, Sequestration and EOR Project – Saudi Aramco
Best Exploration Technology Award – T1T2IFMI for Unconventionals with Halliburton XMR Service – Halliburton
Best Health, Safety, Environment/Sustainable Development – Offshore Award – Jet String Elevator – Frank’s International
Best Health, Safety, Environment/Sustainable Development – Onshore Award – Tuned Prime Cement Spacer – Halliburton
Best Outreach Program – Young Women Energized – Women’s Energy Network
Best Production Technology Award – Centrifugal Jet Pumps – Weatherford
Best Digital Transformation Award – ForeSite Edge – Weatherford
Best Water Management Technology Award – HYDROCIDE – Hydrozonix
Best Well Integrity Technology Award – FORTRESS-HP High-Pressure Spring-Triggered Premium Isolation Valve – Schlumberger
Best Well Intervention Technology Award (tie) – Winner: SPECTRUM 360 – Halliburton Winner: Perseus Pump-Through Cutter – Baker Hughes Company
Innovative Thinker Award – Brian Skeels, TechnipFMC
New Horizons Idea Award – IriSphere Look-Ahead-While-Drilling Service – Schlumberger
Lifetime Achievement Award – Professor Stephen A. Holditch, Texas A&M University
As part of World Oil’s commitment to the long-term health of the industry, each year the World Oil Awards endow a leading university, which provides education for careers in the petroleum industry, with much-needed funding to equip the next generation of innovators.
Since the inception of the World Oil Awards, donations have been distributed to 35 universities and organizations as varied as the University of Houston and the University of Ibadan in Nigeria. This year’s beneficiary is the Bob L. Herd Department of Petroleum Engineering at Texas Tech University.
The 2019 World Oil Awards were generously sponsored by: AFGlobal; Baker Hughes; AccessESP; Halliburton; IHS Markit; Siemens; and Eddie V’s Prime Seafood
Nigeria: Navy Arrests 7 Impostors Escorting Oil Vessel
The Nigerian Navy has announced the arrest of seven alleged impostors parading themselves as security personnel in Port Harcourt.
Base Operations Officer, Nigerian Navy Ship (NNS) Pathfinder, Port Harcourt, Commodore Murtala Rogo, revealed this when he handed over the suspects to the Nigerian Security and Civil Defence Corps (NSCDC) in Onne, Rivers.
According to shipsandports.com.ng, the suspects, who were onboard a ‘rogue vessel’, MV Workhorse, were intercepted while escorting an oil tanker, MV Osamewe to an undisclosed location without a permit.
“In line with the Nigerian Navy policing role on the maritime domain, on Sept. 6, we got tip-off of a vessel carrying out illegal escort duty for an oil tanker.
“Based on this intelligence, we deployed NNS Pathfinder patrol gunboats to Bonny Anchorage to make the arrest. On reaching there, our patrol elements arrested seven crew members onboard MV Workhorse for providing illegal armed escort to an oil tanker, MV Osamewe.
“The suspects could not provide the appropriate permit to operate as a private maritime logistic support security vessel at the time of arrest,” he said.
The Navy and the Nigerian Maritime Administration and Safety Agency (NIMASA) are the two leading security agencies with a mandate to police the nation’s waters.
Rogo said it was a crime to carry out oil and gas activities within the nation’s maritime environment without approval from the Navy and relevant government agencies.
“So, based on this development, the vessel was remanded in our custody to enable us to carry out a thorough investigation of the matter. We have concluded our investigation and we are hereby handing over the vessel and seven suspects to NSCDC. The NSCDC will conduct further investigation and possibly prosecute the suspects in court,” Rogo said.
The Naval commander expressed optimism that the arrest and prosecution of the suspects in court would serve as a deterrent to criminals on the waterways.
Receiving the suspects and vessel, Abdullahi Umar, Assistant Commandant of NSCDC in Rivers, lauded the Navy for the collaboration that exists between the two security agencies at the state level. Umar promised that the suspects would have their day in court.
“We will immediately launch a credible investigation for possible prosecution of the suspects and any other culprits involved with the case,” he assured.
The official said the corps had secured several convictions of suspects in court with many serving different jail terms.
Ghana: Bui Power Authority To Spill Water At Its Generating Station
The Bui Power Authority, one of the state power generation companies in the Republic of Ghana, has announced that it will undertake controlled spilling at the Bui Generating Station (BGS) in the Bono Region from Monday, October 21, 2019, for a period of about 5-10 days.
The decision, according to the authority, is aimed at safeguarding the integrity of the dam.
A statement signed by CEO of Bui Power Authority (BPA), Mr Fred Oware noted that the dam was designed to hold water up to 183 metres above sea level (masl).
However, the statement said as of October 16, 2019, the water level at the Bui Reservoir was 181.78 masl with a daily rise of 0.20m per day.
“The reservoir is, therefore, forecast to reach 182.50 masl by October 21, 2019,” it explained.
The Authority will, therefore, open the Spillway Gates of the dam structure to spill the excess water to acceptable levels to safeguard the structural integrity of the dam and also for effective power generation.
This action would be undertaken in the event that the reservoir reaches elevation 182.50.
According to the statement, BPA had earlier, in 2015, during a similar exercise, identified some areas and communities downstream that were likely to be affected by the water spillage and so is working with the district assemblies and emergency services to cater for any challenges to life and property.
The spillage will not have significant effect on the accumulated inflows for operations of the BGS in 2020.
The BGS, currently, dispatches power from two generating units with the third under comprehensive maintenance.
The maximum operating level of the BGS is 183 masl and a minimum operating level of 168 masl.
“We assure the general public that all water discharged from the Bui Reservoir will flow into the Volta Lake to enhance power generation at the Akosombo and Kpong Generating Stations,” the statement said.
Source: www.energynewsafrica.com
Ghana: Deputy Energy Minister Lauds Ghana Energy Awards
Ghana’s Deputy Minister for Energy in-charge of Petroleum, Dr Mohammed Amin Adam, has encouraged industry players in the West Africa country’s energy sector to take keen interest and participate in this year’s Ghana Energy Awards (GEA) as the scheme acknowledges excellence and innovation within the sector and further promotes healthier competition among its players.
Dr. Amin Adam made the call during his visit to the Ghana Energy Awards booth at the just-ended Ghana Renewable Energy Fair, organised by the Energy Commission in partnership with the Ministry of Energy at the Accra International Conference Centre.
He also commended the organisers of the Awards for staying true to its integrity and recognising the hard work and relentless efforts of the industry’s players which have contributed in no small measure to the sustenance and growth of the economy.
Meanwhile, Hon. Yaw Osafo Maafo, the Senior Minister, during his inspection of the GEA booth at the fair, also commended the awards initiative and the thought behind it.
Other eminent dignitaries who visited the GEA booth during the Fair included Ing. William Amuna, former CEO of GRIDCo, Mr. Thomas Manu, Former Deputy CEO for Exploration & Production at GNPC, Mr. Charles Darku, former MD of Tullow Ghana, Mr. Herbert Friese, General Manager Dutch & Co, Mr. Firmin Nkamleu Ngassam, Managing Director of Yingli Namene West Africa, Mr. Emmanuel Antwi-Darkwa, Chief Executive of VRA, a representative from the US Embassy and other personalities.
The Ghana Energy Awards 2019, currently in its third year, is an industry-owned initiative which recognises the tremendous and invaluable efforts of institutions, organisations and individuals in the country’s energy sector which have helped to greatly improve power availability and accessibility in the country.
Entries for nominations are ongoing and will be closing on the 25th of October, 2019. This year’s event is under the theme: “Energy: The Key to a Sustainable Economy for Industrialisation.”
Ing Henry Teinor, the Director of the Awards, indicated that the initiative is industry-based. He added that it is a result of considering the profound contribution of energy to the economy, thus, the institution of the awards to recognise the names behind these giant efforts and innovation.
Call For Application: Rector And Vice Rector At Pan African University Based In Yaoundé
The African Union Commission (AU.Int/en/commission) wishes to invite qualified and eligible applicants for the positions of Rector and Vice Rector of the Pan African University (PAU) in Yaoundé, Cameroon. PAU is a continental academic and research institution created by the African Union consisting of five (5) thematic Institutes hosted by existing institutions, namely:
- Water and Energy Sciences (including climate change) located at the University of Tlemcen in Algeria for North Africa,
- Governance, Humanities and Social Sciences located at the University of Yaoundé II in Cameroon for Central Africa,
- Life and Earth Sciences (including Health and Agriculture) located at the University of Ibadan in Nigeria for Western Africa, and
- Space Sciences located at the University of Cape Town in South Africa for Southern Africa. The Rector is the Chief Executive and Chief Academic Officer of the Pan African University’s Management structure and shall exercise general superintendence and control over the university. The Vice Rector has an executive position within the Pan African University’s Management structure, reports to the Rector and will serve as the Chief Academic Officer.
Schlumberger Books Huge Loss In 3Q Due To Impairment Charges
Oilfield services provider Schlumberger has recorded a huge loss in the third quarter of 2019 due to impairment charges amid difficult market conditions.
In its quarterly report on Friday, Schlumberger said that its revenues in 3Q 2019 were $8.54 billion, nearly flat compared to revenues of $8.504 billion in the same period last year.
The company’s loss before taxes amounted to a staggering amount of $11.97 billion in 3Q 2019 compared to a profit of $787 million in the same period last year.
The company’s net loss was $11.38 billion in 3Q 2019 compared to a profit of $644 million in 3Q 2018.
In the report, Schlumberger said it had recorded a $12.7 billion pretax charge primarily relating to the impairment of goodwill, intangible assets, and fixed assets.
Schlumberger CEO, Olivier Le Peuch, commented, “We ended the third quarter with revenue of $8.5 billion, a 3% sequential increase while pretax segment operating income of $1.1 billion rose 13%. I am pleased with the results and proud of the team’s performance. Sustained international activity drove overall growth despite mixed results in North America. The North America business saw strong offshore sales with minimal growth on land due to slowing activity and further pricing weakness.”
Le Peuch also stated: “In North America, offshore revenue grew sequentially due to higher WesternGeco multiclient seismic license sales. Land revenue was slightly higher, as a modest increase in OneStim activity was offset by softer pricing while land drilling revenue was essentially flat despite the lower rig count. As we exited the quarter, OneStim activity decelerated as frac programs were either deferred or cancelled due to customer budget and cash flow constraints.”
He added: “The third quarter results reflect a $12.7 billion pretax charge driven by market conditions. This charge is almost entirely noncash and primarily relates to goodwill, intangible assets, and fixed assets.”
Gambia: New Power Plant To Feed 18MW Into The National Grid
Multinational company MAN Energy Solutions has secured a contract to supply two of its 9L51/60 engines for a newly built power plant in Brikama, the second-largest city in The Gambia.
The plant, which is operated by local energy provider National Water & Electricity Company (NAWEC), will feed a total of 18MW of electrical output into the national grid, consequently stabilising the energy supply of the West African country.
“As in many African countries, a reliable energy supply is one of the most urgent challenges in The Gambia. Only just under half the population has a reliable access to electricity. With the power plant in Brikama, we are now increasing the country’s generation capacity by roughly 20%,” Waldemar Wiesner, Head of MEA region, power plant sales, at MAN Energy Solutions said.
With an area of only about 11,000 square kilometers, The Gambia is the smallest country on the African continent and its overall generation capacity of 100MW still falls short of the demand of the 2.1 million inhabitants.
“To safeguard the population’s energy supply, NAWEC trusts the generation technology provided by MAN Energy Solutions for what is already the fourth time. After completing the new plant in Brikama, MAN is providing a total of 42MW across the country, which is a third of the country’s total capacity,” Wiesner added.
Sudan & South-Sudan Set To Produce 60,000bopd From Block 5A
Sudanese Minister for Energy and Mining, Adel Ali Ibrahim, is expected to attend South Sudan’s Oil and Power Conference at the Juba from October 29-30, 2019.
The Minister will meet with his counterpart, Minister Awow Daniel Chuang, from South Sudan, to discuss the resumption of Block 5A, which has the potential of producing up to 60,000 barrels per day and operated by Sudd Petroleum Operating Company.
The Ministers will also discuss oil infrastructure, including logistics corridors between the two countries, shared pipelines and processing facilities.
“The resumption of Block 5A will happen very soon. We are currently in negotiations with Sudan regarding pipeline agreements to export crude from this block. South Sudan does not currently have its own pipeline and we are contingent on this before production resumes,” Arkangelo Okwang Ojok, Director General of Training, Planning and Research for the Ministry of Petroleum said in a statement copied to energynewsafrica.com.
Sudan has been instrumental in brokering peace in South Sudan; and Sudan’s recently sworn-in Prime Minister, Abdalla Hamdok, travelled to South Sudan in September to meet with President Salva Kiir to back a new peace roadmap.
With a major focus on ramping up its oil industry, South Sudan is recovering its position as a major African producer and is actively creating a favourable investment climate through high-level discussions with energy leaders, ministries and companies at SSOP 2019, produced by Africa Oil & Power.
Under the theme: ‘Focus on Finance’, SSOP 2019 is set to explore the challenges and means of financing projects, attracting new investment and investing in facilities.
In addition to finance, the conference would examine community development, environmental issues and oilfield technology.
Minister Chuang would also reveal the details of the 2020 oil and gas licensing round at SSOP 2019, which would include dates, requirements and other details of the tender.
Source:www.energynewsafrica.com
BHP Strikes Oil In Trinidad And Mexico
Australia’s BHP has drilled two additional exploration wells as part of a deepwater drilling campaign offshore Trinidad and Tobago with one discovery made, and one well classified as dry.
BHP said in its operational update for the third quarter published on Thursday that the two wells were located in the Northern licenses and were a part of the company’s Phase 4 deepwater drilling campaign.
According to the company, the Boom-1 well was spud on August 28 and encountered hydrocarbons. Evaluation and analysis of the well are currently ongoing.
The second well, the Carnival-1, was spud on September 30 and reached total depth after the end of the September 2019 quarter. The well was a dry hole.
BHP said that the drilling of the two wells completed the exploration program on the Trinidad and Tobago Northern licenses. Evaluation and development planning studies of the discoveries in the North are ongoing.
Following Carnival-1, the Deepwater Invictus rig will return to the U.S. Gulf of Mexico to complete regulatory abandonment work on Shenzi appraisal and exploration boreholes.
As for the company’s recent operations in Trinidad and Tobago, it is worth reminding that BHP approved $283 million in funding to develop the Ruby offshore project in August. In April, BHP found hydrocarbons in its Bélé-1 exploration well.
In its operational update on Thursday, BHP shared the results of the Trion 3-DEL appraisal well offshore Mexico, which the company spud in July 2019.
The company said it was encouraged by the preliminary results, with the well encountering oil in the reservoirs up-dip from all previous well intersections.
The oil firm further stated that the evaluation and analysis were ongoing, with no further appraisal wells anticipated.
To remind, BHP set aside $256 million for the Trion 3-DEL back in February 2019 following an oil discovery at the Trion field. BHP’s well, which made the discovery, was the first well drilled by an international operator in the Mexican deepwater.
BHP – then BHP Billiton – successfully bid on the Trion field back in 2016 as Mexico’s Pemex was looking for an experienced deepwater player to share costs at the Trion discovery due to its depth and complexity. It has been said that once fully appraised, Trion is expected to be in the top 10 fields discovered in the Gulf of Mexico in the last decade.
BHP holds a 60% interest in the Trion field and the remaining 40% is held by the Mexican company.
Ghana: Terminate PDS Concession Agreement Now – Kwabena Donkor Tells Gov’t
A former Minister of Power in the Republic of Ghana, Dr. Kwabena Donkor wants the Akufo-Addo administration to abrogate the concession agreement the Electricity Company of Ghana (ECG) signed with the Power Distribution Services (PDS).
According to him, the government must not hesitate to terminate the deal for proper distribution of power to parts of the country because it has already failed to honour parts of the conditions for the agreement.
“You don’t go into a bid, set up condition precedents and consciously violate the principles underlying the tender and think it is closure. The basis of the contract has been destabilized. I sincerely believe that we should give the concession agreement to the original owner to manage.”
“What should be happening is that we should have the courage of conviction to terminate the contract which should not even exist in law. This is because we have breached the conditions precedent. It is a condition for termination. They should cease to be PDS and the contract taken away from them and then we decide whether we still want the concession option or private sector participation”, Dr. Kwabena Donkor, who is also the MP for Pru East said on Accra –based Citi FM.
The government suspended the PDS deal over what it termed as fundamental and structural breaches in the demand guarantees covering the agreement.
It is, however, yet to take a firm decision on the future of the controversial deal despite the release of some reports from the teams that probed the saga.
The government on July 30, 2019 announced the suspension of the contract with PDS, barely six months after the company took over from ECG.
The suspension order on the PDS agreement was due to what government called material breaches in the provision of the demand guarantees by PDS, which were key prerequisites for the turnover of the assets and facilities.
Government said PDS failed in its obligation of payment securities for the transaction which was discovered upon further due diligence.
A leaked report from a probe by FTI Consulting, a United States-based consulting firm, commissioned by the Millennium Development Authority (MiDA) into the allegations, said there was no evidence to suggest any of the entities involved in the deal conspired to defraud the state.
This report indicated that PDS duly won the contract to manage the assets of the Electricity Company of Ghana (ECG) and said insurance guarantees were paid to back PDS’ takeover of the assets and operations of the ECG.
But the government insisted that the report was misleading and advised, “everybody to just tarry whilst it [the full report] is all put together in the various parties.”
PDS is a consortium between Manila Electric (Meralco) of The Philippines, 30%, Aenergia SA (Angola), 19%; Santa Baron Ventures Ghana, 13%, TG Energy Solution Ghana, 18%, GTS Engineering Ghana Limited, 10%, and TBK Ghana Limited, 10%.