Wednesday, 8 September 2021

GNPC share purchase in DWT-CTP block is smart stealing - energy expert



Zaratu Yussif


In the pending transaction of the Ghana National Petroleum Corporation (GNPC) purchase of shares of Aker/AGM in the DWT-CTP block, an energy expert has asserted that, the Ghanaian public has been lied to by the government.


Onasis Kobby, the CEPMLP Oil and Gas trained, in his recent article posited that, any critical thinker and industry player will not fall short at labeling the transaction as a deliberate scheme to steal the resources of the nation.


The expert believes the unfolding events, format of transaction and government's PR surrounding the transaction makes it highly suspicious. He claimed that, GNPC made separate presentations to the Nana Akufo Addo cabinet that endorsed the proposed share purchase and to parliament of Ghana. 


"In their presentation to Parliament, GNPC omitted the Post-Transaction  Structure - Create an Operator JV diagram as captured on page 26 in the presentation to cabinet", Mr Onasis, a Director of Operations of an Indigenous Oil and Gas Company pointed out.


"This is what the Post Transaction structure  is supposed to be: GNPC 10% ( though not mentioned but constant ); Explorco 33% ( GNPC subsidiary); Aker 4%; JV  to operate the field 10% ( 6% aker and 4% Explorco); Lukoil 38%; and Fueltrade 5%."


In all listed, shareholders are to be treated distinctively. From the above structure, it is clear a distinct Lukoil owns the majority shares in the block. 


"So how does it make any sense, that a certain JV to be formed by Aker and Explorco is going to be the operator where all decisions with regards to the development and production of the field will be taken?", he quizzed.


"Isn’t it curious the majority shareholder of the block thus Lukoil is not part of the proposed JV to operate the field?".


Read full Statement below:


AKER/GNPC deal is smart stealing


The Ghanaian public has been lied to in respect of the intent of the Aker/GNPC share purchase . From a cursory look at events , format and PR surrounding the transaction, a critical thinker and industry player will not fall short at labeling transaction as a deliberate scheme to steal the resources of the nation . 


GNPC made separate presentations to the Nana Akufo Addo cabinet that endorsed the proposed share purchase and to parliament of Ghana . In their presentation to Parliament, GNPC omitted the Post-Transaction  Structure - Create an Operator JV diagram as captured on page 26 in the presentation to cabinet 


This is what the Post Transaction structure  is supposed to be. 

GNPC 10 % ( though not mentioned but constant )

Explorco 33% ( GNPC subsidiary)

Aker 4 % 

JV  to operate the field 10% ( 6% aker and 4% Explorco ) .

Lukoil 38%

Fueltrade 5%. 


In  All listed shareholders are to be treated distinctively.

From the above structure , it is clear a distinct Lukoil owns the majority shares in the block , so how does it make any sense, that a certain JV to be formed by Aker and Explorco is going to be the operator where all decisions with regards to the development and production of the field will be taken ?. 


Isn’t it curious the majority shareholder of the block thus Lukoil is not part of the proposed JV to operate the field ? . 


THE JV.

The deal is proposing a JV /Joint Operator Company to serve as the operator through a fund which will be owned by Aker 60%  and Explorco 40% . The JV which will be a distinct  company/fund will own shares in the DWT-CTP block with 10% ( Aker 6% and Explorco 4% ) . From this proposition, Aker has clandestinely taken over control of the block with a majority stake in the JV where all actions will take  place .  

The sponsors of the deal claim, the arrangement is to train and equip Explorco into becoming an operator in the near future . Quite insulting for Aker Energy to see itself as experienced and credible than GNPC/Explorco in that regard. Aker Energy is owned by Aker ASA and TRG which are all connected to the Norwegian billionaire Kjell Inge Rokke . The company has no credentials as established E&P company . It was purposely set up to enter the Ghanaian hydrocarbon exploitation space. They can never claim to be experienced than our engineers and man power at GNPC with vast knowledge in the industry who have been very instrumental to all multinational companies that have at point in time attempted to invest in our hydrocarbon industry.  The reverse must be the case !  Such language should come  from Lukoil which is a partner in the block . 

Aker Energy makes a claim through GNPC  to use a subsidiary of Aker ASA by name AkerBP as a leverage in its operatorship. If that is what the industry is about, then GNPC /Explorco would not need to partner any company as its lead because services of oil and gas service providers can be procured at any point in time . The shareholders and board of Directors of Aker Energy and Aker BP  are separate and distinct . At best , Aker Energy can only procure the services of AkerBP for specific tasks . 


This arrangement only seek to steal our money in the name of buying shares then not having control

over the resources in the end . 


Stop this arrangement NOW ! 


By Onasis Kobby 

MBA International Oil and Gas Management , CEPMLP 

Director of Operations of Indigenous Oil and Gas Company.

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