An Energy Expert, Dr Yussif Suleimana, has said the Bank of America's planned valuation of Aker Energy’s oil blocks following Ghana National Petroleum Corporation's intention to increase stakes in the blocks is a good step.
Deputy Minister for Energy, Andrew Egyapa Mercer, revealed last week that the government has begun engaging the American multinational investment bank to conduct a valuation of the fields involved in the planned GNPC-Aker Energy oil block transaction.
Mr Egypa Mercer maintains that the engagement is to bring to light, the real value of Ghana’s stakes in the deal, following concerns raised by Civil Society Organisations (CSOs) that the planned acquisition is not in Ghana’s best interest.
Speaking on Key Points Saturday morning, Dr Yussif Suliemana, who is Senior Oil Production Operation Specialist at Petroleum Development Oman, said the valuation will put value-for-money concerns raised about deal in a proper perspective.
“We just heard that Bank of America are going to do another valuation, which is good. For me, if you get value for money that is beautiful, value for money is excellent but time is waiting for nobody,†Dr Suleimana said on Saturday, August 28, 2021.
He said the deal holds numerous benefits for the country and hence needs support.
According to him, the debate generated about the deal among CSOs, especially the value-for-money concern, is good because it will ensure the deal is in Ghana's best interest.
GNPC seeks to buy a 37% stake in Deep Water Tano/Cape Three Points (DWT/CTP) operated by Aker Energy Ghana Limited and a 70% stake in the South Deep Water Tano (SDWT) operated by AGM Petroleum Ghana Limited.
Parliament’s Committee on Mines and Energy has approved the deal after Energy Minister Dr Mathew Opoku Prempeh took the request to increase stakes in Aker's oil blocks to the Legislature.
While some CSOs have lauded the deal that is meant to help Ghana take control of its hydrocarbon resources others have criticised it.
Some CSOs are of the view that the $1.1 billion approved to be spent on the deal makes is too high.
These CSOs believe a valuation of Aker’s investments in the oil blocks that GNPC seeks to increase its stakes in is also inflated.