The Minister for Energy, Dr. Matthew Opoku Prempeh, has emphasized that the ultimate interest of the people of Ghana lies at the heart of the NPP government’s dealings with investors.
Dr. Prempeh, who is popularly known as ‘NAPO’ and is the MP for Manhyia South, made this point during a virtual meeting with the Chief Executive Officer of Tullow Oil, Mr. Rahul Dhir. In attendance were the Managing Director of Tullow Ghana Ltd, Mr. Wissam Al-Monthiry and other leading executives of the company in Ghana.
The purpose of the meeting was for the company to formally welcome the Minister to the energy sector and to brief him on their operations in Ghana, their strategic directions for 2021 and a number of legal and other challenges. Tullow Oil has been in Ghana since 2006 and has invested over $19bn in its operations here since then. In the period it has also paid over $6n to the Government of Ghana through taxes and entitlements and plans to invest $10bn in its operations over the next 10 years. It is also working towards a target if 40-45% reduced emissions by 2025.
Dr. Prempeh acknowledged Tullow’s position with respect to outstanding contractual matters and the Ghana Revenue Authority as the company seeks a further exploration licence. “You owe an ultimate duty to your shareholders, which we recognize and respect. But as Energy Minister, I owe an ultimate duty to the President and people of Ghana, and it is important that we both recognize each other’s position as we seek to collaborate in an honest and open manner”, he stated, and
He further indicated government’s desire to build on its partnership with Tullow, notwithstanding the current differences, noting that at a time when operators considered exploration is Ghana as too high a risk, companies like Tullow and Kosmos took the gamble and decided it was worth investing here. He added that Ghana and Tullow thus go back a long way and that through honestly and collaboration some ground could be found to accommodate each other going forward.
‘We are happy you want to continue investing in Ghana, and we look forward to a long-term partnership with you,’ Dr. Prempeh stated.