ACEP urges government to review petroleum contracts with IOCs

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Energy Think Tank, the African Center for Energy Policy (ACEP) has called on government to review dormant petroleum contracts with International Oil Companies (IOC) and replace them with active ones.

According to ACEP, some of the contracts have been renewed without compliance with some of the stated details.

This was disclosed by the Executive Director of ACEP, Benjamin Boakye, when he addressed a press briefing in Accra on Thursday.

“The minimum programme on those 14 contracts sum up to 923 million dollars. What that means is that it is the amount of monies the IOCs are supposed to spend on the Bloc between 2 and a half years of being awarded the blocs,” he said.

“Our concern is that they are not paying. Even though they are not paying, they are getting extensions on their blocs. How does that happen? We have to interrogate and know the conditions behind they are not paying or meeting the dictates of the contract yet have extensions to their blocs” he added.

In the 20 page document dubbed “Petroleum Contract Monitor” Mr. Boakye mentioned an International Oil Company, Springfield’s contract with the government which has been extended even though it has two more years to go.

He said there are no evidence to claim or explain whether they have paid the minimum amount which is about 30 million US Dollars in the contract.

He however urged government to punish all Oil companies which refuse to go with dictates in the contract in order to sustain the oil production in the country

Source: Priscilla Anum-Noi








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