Business News of Wednesday, 14 July 2021
Source: www.ghanaweb.live
2021-07-14Ghana to lose over US$8 billion amid ENI, Springfield unitization delay – Jantuah
Kwame Jantuah is Chairman of the Oil and Gas Sector at the Association of Ghana Industries (AGI)
• Mr Jantuah said Ghana could lose more if the case between ENI and Springfield is prolonged
• He said the country could get about US$8 billion from the unitization process once it is completed
• The court ordered that 30% of all revenues accruing to ENI and Vitol from exploration and production activities from the Sankofa field be preserved
Kwame Jantuah, the Chairman
Read full article.of the Oil and Gas sector at the Association of Ghana Industries (AGI), has stated that there is no time to waste regarding the unitization of the two oil fields ENI Ghana and Springfield Ghana.
According to him, if the unitization process delays further, the country will be the one to run at a loss.
Speaking on Accra-based CitiNews, Mr Jantuah said the two companies will benefit more if the issue keeps hanging without finding an amicable solution but the country will be the biggest loser.
“Both exploration and production companies will also benefit immensely. I don’t see why we should all just sit and have this situation hang around our necks. Let’s do something about it now to ensure we all benefit from it because the current situation doesn’t bode well for all of us,” he said.
He further stated that Ghana could get about $8 billion from the unitization process it is completed soon and this will help the economy.
“It does not benefit ENI, nor does it benefit Springfield, for this stalemate to be happening. Because there is quite a lot of money to be made out of it. So, let’s try as much as possible to see this thing through because, on the Ghanaian side, unitization will bring the government about $8 billion, which will help our economy,” he added.
Meanwhile, two weeks ago, a court presided over by Her Ladyship Justice Mariama Sammo partly agreed with Springfield and ordered that 30% of all revenues accruing to ENI and Vitol from exploration and production activities from the Sankofa field be preserved in an interest-bearing account until the substantive case is determined.
