Ghana's oil worries | Pipe(line)Dreams - 0 views
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Another article, How Overpriced is Ghana’s Jubilee Field Expansion Project?, questions the projected cost of the Jubilee expansion. The higher the costs, the lower the revenues for Ghana. “It is important to note,” the article states, “that the more money that is spent on the project the longer it takes for the field to be profitable, the lower the taxes Ghana can collect, and the longer it takes for even those meagre taxes to show up.” Besides providing an important public service, the IMANI articles have also prompted a response from the Ghana National Petroleum Corporation. You can read the lengthy GNPC press release on Ghana Oil Watch: Recent Media Discussions on GNPC and Jubilee Oil. The press release refutes IMANI’s allegations and IMANI has since issued a final statement backing up the think tank’s original estimates and statements.
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Rather uncharacteristic of the secretive organisation, the Ghana National Petroleum Corporation (GNPC) finally issued a press statement to respond to concerns raised by civil society about Ghana’s underperforming oil industry. While the GNPC is to be commended for its increasing responsiveness and transparency … The truth is that the information the GNPC has now supplied to inform the public debate about Ghana’s oil sector would not have received broad coverage had IMANI not engaged in strong advocacy to demand such information.
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On a somewhat related note, a U.S. law firm has announced it investigation of potential claims against KOSMOS Energy, one of the Jubilee partners: The investigation concerns allegations that the Registration Statement and Prospectus issued in connection with the Company’s initial public offering (the “IPO”) were materially false and misleading and misrepresented or failed to disclose that:
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"I have a decent internet connection this morning, so I'll take advantage of that to post some of the back and forth between Ghanaian think tank, IMANI, and the Ghana National Petroleum Corporation (GNPC). IMANI has recently published some interesting articles on the Jubilee field's underperformance. In contrast to the excited tone of most of the business news about the country's oil industry, the IMANI articles raise serious questions about the industry's costs and prospects."