“We do not support any arrangement that disadvantages our people. In the current set up, our Nzema community bears the risk of losing its land. However, it has no upside and no guarantee of future and ongoing royalties or profits for Nzema.”
In Cote d’Ivoire, the independent is planning to drill an exploration well in 2024 on CI-524. The company has also secured a new licence in the country, CI-803, where it sees insights from its Tano Basin knowledge.
“It is not related to Aker Energy, and the decision has no implication for Aker Energys plans in Ghana,” he said.
While Aker Energy has attributed delays at Pecan to Lukoil, the company has faced other problems. The company’s first plan was seen as overly aggressive and politically unpalatable, forcing it to rethink development.
“With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders.”
Tullow Oil is seeking arbitration over $387 million in tax assessments it received from Ghana, part of the cash-strapped government’s review of past payments by some of the West African nation’s largest companies.
Ghanaians should treat Mahama’s suggestion “with the utmost contempt it deserves”, the statement concluded.
Asante commented that the plant would help supply gas in a cost effective fashion, securing a “reliable supply of gas and derivatives” in Ghana and beyond.
Treasury has estimated it could “result in around $6 billion in annual savings for the 17 largest net oil-importing African countries. We are seeing examples of emerging markets saving even more by using the price cap to negotiate steeper discounts with Russia. And we encourage more countries to do the same.”
The company is “still very much Ghana owned”, she said. The law requires such companies to be majority Ghanaian owned.
Ghana is in talks with Emirates National Oil Co. (ENOC) for a barter arrangement that will enable the West African nation to buy fuel with gold.
Tullow Oil expects to begin drilling wells on Jubilee South East this quarter, with the aim of boosting production beyond 100,000 barrels per day in 2025.
Four companies are due to drill exploration wells in Ghana during the last quarter of this year, according to a government report. The Public Interest Accountability Committee (PIAC) also raised some concerns over tax payments by state-owned Ghana National Petroleum Corp. (GNPC).
Starsight Energy and SolarAfrica have set out a plan to merge and expand into new areas, particularly Francophone West Africa.
Tullow Oil remains committed to its merger with Egypt-focused Capricorn Energy, which has faced mounting headwinds.
Tullow Oil has come under fire in Ghana over alleged failure to abide by local content regulations – charges the company denies.
Aker Energy has six weeks to submit a plan of development for its Pecan project, offshore Ghana, while facing challenges over Russian Lukoil's involvement.
Ghana Gas will begin building a 290 km gas pipeline, with eight distribution centres, a politician has said.
An investor in Capricorn Energy has expressed its opposition to the company’s merger plan, describing it as one sided in favour of Tullow Oil.
A Ghanaian court has ordered the government to halt payments to Eni and Vitol, amidst the ongoing legal dispute with local company Springfield Exploration & Production.
Norway’s Norfund and KLP has made a $40 million equity investment in CrossBoundary Energy, to support renewable energy projects in Africa.
As Tullow Oil works to execute its merger with Capricorn Energy, the company is focusing on growth projects.
Ghana has granted Aker Energy more time to submit the plan of development for its Pecan field.
Tullow Ghana (LON:TLW) has awarded a five-year operations and maintenance (O&M) contract to Petrofac Ghana (LON:PFC) on the FPSO Kwame Nkrumah.
Capricorn Energy head Simon Thomson has defended the company’s merger with Tullow Oil in an interview with the Sunday Times.