Bright Simons, an activist, says the government has overvalued the blocks and is buying licences that might otherwise have been relinquished anyhow
) and South Deepwater Tano . The two oil blocks are more than 100km offshore and in deep water. Both have discoveries of oil, but neither is in development, still less production.
Mr Prempeh says the fields could produce 200,000 barrels per day within four years, more than double Ghana’s dwindling output. “Oil majors are shifting from fossil fuels to renewable energy,” he complains. Without new foreign investment, Ghana had two choices. It could leave the oil and gas in the ground or get involved in the production game. The deal will create jobs, he says, and return a handsome profit.
It is also a great deal for Norwegian shipping billionaire Kjell Inge Røkke, who controls Aker Energy andCTP, arguing it would make the licences more attractive to the potential partners that never materialised. Last September, Mr Røkke himself said it was time to “move focus” to renewables, and in May hinted at withdrawing from Ghana.
. Industry sources say the biggest beneficiaries may be the well-connected local firms that will expect to win contracts if exploration takes off. The Energy Committee took just a day to consider the minister’s request, and Parliament barely two hours to rubber stamp the minister’s request to negotiate the purchase. Perhaps it ought to take more time when the deal comes back for ratification.
This article appeared in the Middle East & Africa section of the print edition under the headline "Crude business"
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