Ghana’s oil deal with ExxonMobil ‘best’ – Expert

Energy Analyst Kojo Opoku has praised Ghana’s new oil deal with Exxonmobil Corp, describing it as the ‘best deal’.

President Akufo-Addo after a meeting with officials of Exxon Mobil Thursday urged the company to help develop Ghana’s oil sector.

The signing followed direct negotiations between Ghana and Exxon Mobil without an open competitive tender due to the nature of the field, where the depth ranges from 2,000 to 4,000 meters.

The deal which yet to be approved by Parliament is the first to be signed after the International Tribunal for the Law of the Sea last September drew an ocean boundary favoring Ghana in a dispute with its neighbor Ivory Coast.

Exxon Mobil, lead operator, holds an 80-percent interest in the DWCTP, while state-run Ghana National Petroleum Corporation holds 15 percent. Exxon is yet to select a local partner to own the remaining 5 percent as Ghana’s laws requires.

Commenting on the pact, Mr. Opoku told Francis Abban on the Morning Starr Friday that Ghana stands to benefit from the arrangement without incurring any cost.

“It is the best deal. It is the best deal that Parliament has. Parliament more or less stipulated what they think government should get. Nowhere in the world will someone agree to spend millions of dollars for you to tag along with the rights. Exploration is a bit different from other business and that is why government is allowed to take about 15%,” he said.

 

Source : Ghanaweb

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