Oil Companies fail to deliver on Agreements with Ghana – Report

144 total views, 1 views today

It has come to light that most of the oil companies prospecting for oil in Ghana’s upstream petroleum sector have not delivered on the agreements signed with the state, a report christened: “Petroleum Contracts Monitor, 2017; a Public Interest Report” released by Energy Think Thank, Africa Centre for Energy Policy (ACEP), has revealed.

It said some of the companies had taken refuge in the preliminary ruling of the International Tribunal for the Law Of the Sea (ITLOS) which placed injunction on field operations disputed area until the determination of the case between Ghana and Ivory Coast.

The report said those companies outside the disputed area also significantly failed to deliver on their obligations. This failure, according to the report is a direct function of non-enforcement of the contracts terms by Government.

At the same time, it stated that, data on the performance of the companies have not been available to aid civil society and interested parties to track performance.

This, the report noted raised concerns about the technical and financial capacity of the companies to deliver on their contractual obligations. The report was launched in Accra by Mr. Benjamin Boakye, the Executive Director of ACEP in Accra.

GhanaNewsOnline.com.gh has established that ACEP was very active in scrutinizing the contracts signed post oil discovery and consistently hinted at the challenges Ghana could face by engaging inexperienced companies.

Commenting on the objective of the report, Mr. Boakye opined that the report examines the existing non producing petroleum agreements against work obligations of the companies involved. The report, he explained would form the baseline for subsequent monitoring of petroleum agreements in Ghana by ACEP.

Source: Adovor Nutifafa


Ghana News Online

The primary function of GhanaNewsOnline.com.gh is to gather, process and distribute news about Ghana and Africa to the World. To serve as a News Agency with the mandate to present complete, in-depth objective and impartial information, news, and features rooted in investigative journalism.

Leave a Reply

Your email address will not be published. Required fields are marked *