Dr. Matthew Opoku Prempeh speaking at the meeting
GOVERNMENT HAS expressed delight at the decision of Tullow to continue investing in Ghana despite the raging pandemic.
Dr. Matthew Opoku Prempeh, Energy Minister, who disclosed this recently at a virtual meeting with Rahul Dhir, CEO of Tullow Oil, noted, “We are happy you want to continue investing in Ghana, and we look forward to a long-term partnership with you.”
He said at a time when some operators were of the view that exploratory work in Ghana was a risky venture, companies like Tullow and Kosmos had braced the odds and decided to invest in the country.
Indicating government’s desire to consolidate its partnership with Tullow, notwithstanding the current existing differences, he said the collaboration between Ghana and Tullow had long history, adding that through honesty and collaboration, there were grounds to mutually accommodate each other’s efforts.
“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,” Dr. Prempeh stated.
The minister stated that government was bent on serving the interests of Ghanaians in its engagements with investors.
Dr. Prempeh acknowledged Tullow’s position with regard to outstanding contractual matters, and its quest for a licence to do further exploration.
Present at the virtual meeting were the Managing Director of Tullow Ghana Ltd, Wissam Al-Monthiry, and other leading executives of the company in Ghana.
The purpose of the meeting was to formally welcome the Minister to the energy sector, and to brief him on the operations of Tullow Ghana Ltd in Ghana, its strategic directions for 2021, and a number of legal challenges facing it.
Tullow Oil has been in Ghana since 2006 and has since then invested in excess of $19 billion in its operations. During the said-period, it has disbursed to the Government of Ghana the sum of$6 billion, through taxes and entitlements.
The company also plans to invest $10 billion in its operations in the next 10 years, and is targeting between 40% and 45% reduction in emission rate by the year 2025.
By Melvin Tarlue