Minister of Energy, Matthew Opoku Prempeh, has fired salvoes at the Minority in Parliament about their claim of a possible $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.
Source:ENI/Vitol $7Bn Judgement Debt: Energy Minister, Napo Gives Full Details | Politics | Peacefmonline.com