A Simplified Analysis of the Petroleum Agreement among Government of the Republic of Ghana, Ghana National Petroleum Corporation, GNPC Exploration & Production Company Limited and AGM Petroleum Ghana Ltd. in Respect of the South Deepwater Tano Contract Area
This simplified analysis of the Petroleum Agreement between the Government of Ghana and AGM Petroleum Ghana approved by Parliament in late 2013; is intended at providing Ghanaian citizens with relevant information on the petroleum contracts entered into by the Government. The analysis it is hoped will increase public understanding of contracts and contractual relationship between the Government and Oil companies. Petroleum Contracts are very complex to understand and are often formulated in legal and financial language which is not easily appreciated by citizens. As primary owners of Ghana’s petroleum resources, this simplified analysis will deepen public accountability by increasing public participation in the debate on petroleum contracts as well as in monitoring the commitment of Government and the Oil Companies. The provisions on fiscal terms in particular will help the public predict the potential fiscal contributions from petroleum contracts and demand proper use of the resources for development.