Press Conference: GNPC’s Acquisition of 7% Interest in Jubilee and Ten Fields Must Fulfill All Legal Righteousness
Accra, 13th January, 2022
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
The Africa Centre for Energy Policy (ACEP) was established in 2010 to contribute to development of alternative and innovative policy interventions through high-quality research, analysis and advocacy in the energy and extractives sector in Africa.