You are here: HomeNews2009 10 08Article 170006

Govt studying Exxon-Kosmos deal


2009-10-08 14:34:01
Comment to:
good explanation

Fellow Ghanaians, if we knew what is happening, we would be crying for this country.

The facts are that the State of Ghana gives its natural resource to Kosmos for processing while we share profits at 90% Kosmos and 10% Ghana. Please note that we share only profits, and as a nation, we do not even know what kind of investments the oil companies are making into the project.

That is why today, Kosmos says they have spent $800 million and as a nation, we have no way to verify this. Kosmos has used our own reserves to push their stock market prices to the roof. Now, out of the blue, Kosmos decides to sell the reserves for $4,000 million. What that means is that over time, our profit margins will reduce because Exxon Mobil will have to recoup these investments each year, reducing profit margins that should accrue to Ghana. Kosmos and Exxon are part of one and the same clique. This arrangement then makes it impossible to carry out any form of future re-negotiation with Exxon Mobil.

What is the basis for Kosmos selling the oil for $4,000 million? Only three months ago, they had put it for sale at $3,000 million. I would advise the Government to take back our Jubilee field, and advise Kosmos that it would pay them when it get a buyer. Kosmos should give a breakgown of the $800 million spent on the oilfield. They have not even drilled one rig or laid a pipeline at that particular field.

Ghanaians, this is a very serious matter and we must all march to the castle of send a petition to the Government to take over our oil fields. WE MUST TAKE IT BACK. The field was not given to them to resell. This is 419 of the highest order. If the President approves this, he must be impeached. I weep for this country. Where is the CJA? Are Ghanaians that gullible?

This article is closed for comments.

10-08 04:51
10-08 14:34
JAH-jerry >>>>>>>>>>>>>>>>>>>>
10-08 09:05