The Energy & Associates, an energy think-tank in the Republic of Ghana, has raised questions with the proposal by the Ghana National Petroleum Corporation (GNPC) to acquire a 70 percent stake in the South Deep Water Tano (SDWT) oil block and a 30 percent stake in Deep Water Tano/Cape Three Points (DWT/CTP) oil block operated by Aker Energy Ghana Limited.
Ghana’s national oil company, GNPC, is seeking parliamentary approval for a loan not exceeding $1.65 billion to enable the company buy stakes in the two oil blocks.
However, a statement issued by the energy think-tank described the move as shocking.
“As to what valuation this amount is based on is yet to be known,” it said.
“Our sources at the Petroleum Commission explains that valuations in the books of the Petroleum Commission is a little over $400 million, however, we are told Aker’s valuation is some $800 million.”
It also described as “quite worrying” the government’s decision to go ahead with the proposal when the valuation report that precipitated the decision to acquire this stake is not ready.
It noted how about $1 billion allocated GNPC over the past 10 years as the total amount in its exploration in Explorco is yet to ‘yield any prospects’.
“Increasing GNPC’s reserves and producing through GNPC Explorco by principle is laudable, however, this proposed deal with Aker is questionable and must be looked at for public interest purposes.”