The Minority in Parliament is demanding the immediate withdrawal of the AGM petroleum agreement which has seen the country's stake in the oil contract reduced from 43 per cent to 18 per cent.

The agreement, signed in 2013, was in 2018 being considered for review by the then-Energy Minister, Mr Boakye Agyarko, who said the agreement was not in the country's best interest.

Mr Agyarko’s successor, John Peter Amewu, has okayed the renegotiation of that agreement with Aker Energy, which the Minority claims will lead to a potential loss of over 250 million barrels of recoverable oil estimated at over $10 billion.

At a press briefing in Accra on Friday, 3 May 2019, Minority Leader Haruna Iddrisu questioned the essence of the renegotiation.

He said: “We demand that President Nana Addo Dankwa Akufo-Addo withdraw the petroleum [agreement] as has been presented to parliament between GNPC and AGM Aker Energy.

“We say so because it is not in the national interest and would not be in the long-term national interest of the country. Indeed, the state of Ghana is likely to lose a whopping $10 billion to Aker Energy. Indeed, the World Bank, in one of its findings has said that by 2023 Ghana is likely to exhaust our oil resources and, therefore, we should be prudent in its use and management and they have even estimated what we are likely to gain as a country from the exploitation of those oil resources.

“It is important we compare President John Mahama and the NDC and what was negotiated and agreed upon to what is now currently before parliament. Under President John Dramani Mahama, [I’m talking in respect of the sub-Deepwater canon contract area], royalty is 10 per cent, GNPC carried interest 10 per cent, GNPC additional interest 10 per cent and GNPC Explorco 23 per cent. This is what NDC under John Dramani Mahama negotiated. That gives you 43 per cent stake.

“Under President Akufo-Addo, who claims he’s doing the best for the country, the royalty with AGM Aker Energy and GNPC, the royalty is 10 per cent, GNPC carried interest 15 per cent, GNPC’s additional interest three per cent and GNPC Explorco 0 per cent. So, 43 and 18 per cent, who secured the better national interest? We think president Mahama and NDC did under the previous agreement.”

Source: Ghana/ClassFMonline.com/91.3FM