{"id":3312,"date":"2019-04-09T16:44:31","date_gmt":"2019-04-09T16:44:31","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=3312"},"modified":"2019-04-09T16:48:06","modified_gmt":"2019-04-09T16:48:06","slug":"13-oil-exploration-companies-failed-to-meet-their-obligations-deputy-energy-minister","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/04\/09\/13-oil-exploration-companies-failed-to-meet-their-obligations-deputy-energy-minister\/","title":{"rendered":"13 oil exploration companies failed to meet their obligations \u2013 Deputy Energy Minister"},"content":{"rendered":"\n<p><strong>1<\/strong>The Deputy Minister for Energy, Mr. William Owuraku Aidoo, has indicated that some thirteen oil exploration companies have failed to fulfill their minimum obligations within the initial exploration period and no discoveries have been made.<\/p>\n\n\n\n<p>Mr. Owuraku Aidoo however, stated that the thirteen\noil exploration companies have carried out their obligations to different\ndegrees, and that some have reprocessed the existing data, acquired new 3D\nseismic data and preparing to drill exploratory wells while others have only\nreprocessed the existing data.<\/p>\n\n\n\n<p>Answering a question at the Plenary by the Member of\nParliament for Adansi Asokwa, Kobina Tahir Hammond, on the number of oil blocks\nawarded between January, 2009 and December, 2016, Mr. Owuraku Aidoo explained\nthat the Energy Ministry and the Petroleum Commission are reviewing dormant\nPetroleum Agreements, to make a decision on whether to abrogate or continue the\nprocess.<\/p>\n\n\n\n<p>The Deputy Energy Minister who doubles as the Member\nof Parliament for Afigya Kwabre South however pointed out that he cannot inform\nthe House on the timelines in reviewing the Petroleum Agreements.<\/p>\n\n\n\n<p>Speaking on the floor of Parliament, Mr. Owuraku\nAidoo reiterated that fourteen oil blocks were awarded between January 2009 and\nDecember 2016.<\/p>\n\n\n\n<p>He also disclosed that the <a href=\"http:\/\/www.petrocom.gov.gh\/L&amp;C_folder\/Pet_register\/deepwater_tano_cape_three_points\/DEEPWATER_TANO_CAPE_THREE_POINTS_CONTRACT_AREA.pdf\">Offshore Accra Contract Area Petroleum Agreement<\/a> (OACAPA), initially operated by Tap-Oil, was relinquished while five of the agreements of the oil blocks were affected by the International Tribunal of the Law of the Seas (ITLOS) ruling. <\/p>\n\n\n\n<p>He further added that the five Petroleum Agreements\naffected by the ITLOS ruling were the Expanded Shallow Water Tano Block, Offshore\nSouth West Tano Block, Central Tano Block, South Deep Water Tano Block and the South\nWest Saltpond Block. <\/p>\n\n\n\n<p>William Owuraku Aidoo noted that the oil exploration companies in charge of the agreements have had their initial exploration periods extended, to cater for the time lost as a result of the ITLOS ruling.<\/p>\n\n\n\n<p>The Deputy Energy Minister concluded that work programs\nare ongoing for most of the oil exploration companies in the initial\nexploration period because of the extensions. <\/p>\n\n\n\n<p>However in an interview with the press, the Member of Parliament for Adansi Asokwa, Mr. Kobina Tahir Hammond, averred that he was not satisfied with the response of the Deputy Energy Minister. The legislator, who doubles as a Member of the Parliamentary Select Committee on Mines and Energy, stated that contracts of the dormant oil exploration companies should be abrogated.<\/p>\n\n\n\n<p>He indicated that the contact agreements awarded to the oil companies ranges within a period of 8 years, and that they should have discovered some volumes of oil, to depict some level of seriousness.<\/p>\n\n\n\n<p>He explained that some of the oil exploration companies\ndo not have enough capital and technical expertise, to effectively utilize the various\noil blocks allotted.<\/p>\n\n\n\n<p>K.T. Hammond added that although the boundary dispute between Ghana and Cote D\u2019Ivoire at ITLOS slowed <a href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/18\/aker-energy-eyes-ipo-after-submitting-ghana-oilfield-plan-in-march\/\">exploration at the oil fields<\/a>, it should not be a justification for some of the oil exploration companies to remain dormant.<\/p>\n\n\n\n<p>By: Theresa Adezwa Aryeetey &#8211; Parliament House<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>1The Deputy Minister for Energy, Mr. William Owuraku Aidoo, has indicated that some thirteen oil exploration companies have failed to fulfill their minimum obligations within <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/04\/09\/13-oil-exploration-companies-failed-to-meet-their-obligations-deputy-energy-minister\/\" title=\"13 oil exploration companies failed to meet their obligations \u2013 Deputy Energy Minister\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":3313,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[539],"class_list":["post-3312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-oil-and-gas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - 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