Parliament has directed Energy Minister John Peter Amewu to re-negotiate government’s amended deal with AGM Petroleum for oil exploration in the Deep South West Tano oil block.
The Minority had opposed the government’s proposal to amend the original 2013 deal insisting it will reduce Ghana’s holding in the block from 43 to 18 per cent and make the nation lose $10 billion.
The Minority also questioned the basis for which a company which was registered only last year, Quad Petroleum was being given a five per cent stake as local partner.
On Friday, 3 May 2019, the house after series of consultations among leadership agreed to approve the deal but ordered that the government amends it and increase Ghana National Petroleum Corporation’s (GNPC) additional interest in the block from 3 to 10 per cent.
Mr Amewu has six months to return to the house to update the lawmakers on steps taken to re-negotiate the amended agreement.