Accra, 13th January, 2022

Summary

• GNPC is acquiring 7% of Jubilee and TEN oil fields ceded to it by Kosmos Energy from a $750m acquisition of Oxy’s interest in October 2021.
• The Corporation has not communicated how it intends to finance the $199 million acquisition, leading to speculations of illegality in breach of the PRMA.
• The Corporation has set up an offshore company in the Cayman Islands to hold the 7% interest rather than owning it directly or through a subsidiary in Ghana. This raises the bar on opacity and worsening accountability associated with the Corporation