US$7 billion judgement debt: Energy minister gives full details

Minister of Energy, Dr. Matthew Opoku Prempeh, has fired salvoes at the Minority in Parliament about their claim of a possible US$7 billion judgement debt against Ghana over an impasse between ENI/Vitol and Springfield Ghana.

The Minority reportedly says a directive by former Minister of Energy, John Peter Amewu, instructing the two parties to execute a Unitisation and Unit Operating Agreement (UUOA) at the Sankofa and Afina fields has been challenged by ENI/Vitol stating that it's a premature decision and didn't meet industry standards.

A legal tussle subsequently ensued, with ENI/Vitol eventually initiating action in the International Court of Arbitration for $7 billion against the Government of Ghana.

A publication by the Insight newspaper stated that the Minority, in a statement signed by John Jinapor, Ranking Member on Mine's and Energy Committee of Parliament, said the impasse has led to an impending legal battle between the ENI/Vitol and the Government of Ghana.

"We are also aware that ENI/Vitol has commenced legal action in the International Court of Arbitration seeking damages of about $7 billion against the Government of Ghana . . . Indeed, since assuming office in 2017, the Akufo-Addo/Bawumia-led Government has not successfully executed a single block agreement, neither has any new oil field been brought into production," the statement read.

Speaking in a one-on-one interview on Peace FM's "Kokrokoo" morning show, the Energy Minister gave full details of the impasse between ENI/Vitol and Springfield Ghana.

Watch the Energy Minister in the video below:



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