Re-negotiate AGM oil deal: Parliament to Amewu

Parliament has directed Energy Minister John Peter Amewu to re-negotiate the government’s amended deal with AGM Petroleum for oil exploration in the Deep South West Tano oil block...


Parliament has directed Energy Minister John Peter Amewu to re-negotiate the 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 given a five per cent stake as a local partner.

On Friday, 3 May 2019, parliament, after a series of consultations among the leadership, agreed to approve the deal but ordered that the government amend it and increase the additional interest of the Ghana National Petroleum Corporation (GNPC) in the block from 3 to 10 per cent.

Mr Amewu has six months to return to the house to update the lawmakers on the steps taken to re-negotiate the amended deal.

Source: Ghana/ClassFMonline.com/91.3FM



Related Posts

Bawumia’s full EMT town hall speech

Man gets tens of thousands of birthday calls after sons post his phone number on billboards

Ghana may auction Eurobonds with or without final IMF review

Judge questions 1-yr delay in prosecuting man who set 11-yr-old boy ablaze

Muntari joins Spanish side Albacete on one-year deal

80-plus-year-old Western Togoland secessionist leader arrested

UG Attack: One suspect arrested

Pull down 'ugly' Otumfuo statue – Group

Leave a reply
your email address will not be published

Featured Posts

Salah ruled out of Tuesday's Champions League semi-final


AGM to start drilling South Deepwater Tano block


80-plus-year-old Western Togoland secessionist leader arrested


Kim Kardashian says in 10 years, she wants to 'give up being Kim K'


Facebook's cryptocurrency plans may be more ambitious than we thought


Nat'l Security to patrol UG campus


80-plus-year-old Western Togoland secessionist leader arrested


AGM to start drilling South Deepwater Tano block


Kim Kardashian says in 10 years, she wants to 'give up being Kim K'


Facebook's cryptocurrency plans may be more ambitious than we thought


80-plus-year-old Western Togoland secessionist leader arrested


Facebook's cryptocurrency plans may be more ambitious than we thought


Nat'l Security to patrol UG campus


Nat'l Security to patrol UG campus