• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Wednesday, March 22, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Nana Addo pledges to resolve Eni-Ghana and Springfield unitisation impasse

September 6, 2021
ShareShareShareShare

President Akufo-Addo has promised to resolve the ongoing impasse between the Italian global oil company, Eni Ghana and the Ghanaian owned international oil company, Springfield Exploration & Production (SEP).
Unitise

This followed the inability of the two companies to comply with a directive to link (unitise) their neighbouring discoveries, located in their contract areas. Government issued the directive for the two companies to unitise more than a year and half ago.

Many interventions to resolve the situation has proved futile. Eni Ghana, for instance, has dragged Ghana to the London Tribunal for attempting to force a wholly-owned Ghana upstream company, Springfield E&P on it.

President Akufo-Addo while responding to a request by the Paramount Chief of Eastern Nzema Traditional Council and President of the Nzemamanle Council, Awulae Amihere Kpanyinli III, to address the issue between the two companies, said he is personally committed to ensuring that the issue is resolved amicably.
“I am still very upset that matters we have been discussing have become the subject of arbitration with notice of arbitration coming in,” he said.

President Akufo-Addo said he had had two separate meetings with the parties, all aimed at finding a common ground to deal with the matter without any litigation.

“But I want to assure you that we would continue to discuss and find an amicable solution – therefore let me say that the request by the President of the Nzemamanle Council, Awulae Amihere Kpanyinli III, is a request that sits very well with me and I will be doing my very best to make sure it happens,” he said.

The chiefs welcomed the President’s resolve to ensure the resolution of the case.

President’s Western Region’s tour coincided with the Ellembelle Business Expo, which saw all the oil companies operating in the Western Region and other financial institutions exhibiting their products.

President Akufo-Addo opened a business expo and also took a tour, visiting all the various stands at the Expo, including Eni Ghana and Ghana Gas.

The impasse

In April 2020, the then Minister of Energy, Mr John Peter Amewu, in accordance with Section 34(1) of the Petroleum (Exploration and Production) Act, 2016 (Act 919), directed ENI and Springfield to execute unitisation with respect to the Sankofa field in the OCTP and Afina discovery in the WCTP contract areas.

Prior to the directive, the minister had been satisfied by a geophysical and geological analysis in March 2018, which showed that the Sankofa Cenomanian Reservoir extended into the WCTP Block 2 contract area.

The situation saw the industry stakeholders calling on the government to encourage the companies to use arm’s length dialogue and common-sense approach to resolve the differences between the companies to produce oil from the straddling fields.

Ministry’s action

The current Minister of Energy, Dr Matthew Opoku Prempeh, earlier this year told the Daily Graphic that until recently, when the parties resorted to the court to resolve certain issues, the government was engaging the parties to speed up the process towards unitisation.

That notwithstanding, the minister said, the ministry was committed to ensuring that the issues were resolved expeditiously to enable the unitisation of the fields for optimum recovery of petroleum from the fields for all parties.

He said the ministry was working hard to ensure that there was optimum recovery of petroleum through activities that conformed with international best practice.

The 30 per cent, appeal & arbitration

In May this year, the Commercial Division of the Accra High Court ordered the operators of the Sankofa Oil Field to preserve 30 per cent of all the revenues which will be accrued from the field until the final determination of a legal dispute relating to it.

Per the order of preservation, the 30 per cent revenue must be paid by the operators, (Eni Limited and Vitol Upstream Limited) into an account agreed by all the contesting parties, which was appealed by Eni Ghana but lost.

Eni Ghana then filed a suit at the International Tribunal in London, United Kingdom, to challenge a directive by Ghana’s Ministry of Energy, asking them to unitise Sankofa offshore oil field and Afina oil block operated by Springfield E&P, a wholly Ghanaian upstream player.

Source: graphic.com.gh
Tags: ENIGhana NewsSpringfield
Previous Post

AITI KACE launches Software Freedom Day

Next Post

Akufo-Addo to tour Oti and Volta Regions from September 9

Next Post

Akufo-Addo to tour Oti and Volta Regions from September 9

TOP STORIES

Let’s avoid economic mistakes of the past – Prof. Adei advises

March 22, 2023

Corruption in Akufo-Addo govt unprecedented – Sammy Gyamfi

March 22, 2023

Kofi Adams takes on Akufo-Addo over new appointments to EC Board

March 22, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT