The $700 million loan deal contracted by the Ghana National Petroleum Corporation (GNPC) from Dutch commodities trader, Trafigura, will be reviewed - likely downward - after a slump in oil prices, TV3 gathers.

The loan courted controversy after three Members of Parliament – Dr Anthony Akoto Osei (Old Tafo), Samuel Atta Akyea (Abuakwa South) and Dr Matthew Opoku Prempeh (Manhyia South) – accused the state oil company of by-passing Parliament before going ahead with negotiations for the loan.

They, therefore, dragged GNPC to court in a suit that was eventually thrown out.

Reuters quotes the Chief Executive Officer of GNPC, Alex Mould, as saying: “We have seen prices come down and we have reevaluated the funds we need for the intended projects.”

The reevaluation is expected to see the loan reduced to between $350 million and $400 million.

According to Mr Mould, the original loan deal in 2014 was based on oil prices of $110 per barrel.

The prices have shrunk to below $50 per barrel.

Ghana currently produces about 100,000 barrels of oil per day from the Jubilee Fields with the Tweneboah-Enyera-Ntomme (TEN) Field expected to add to the production upon completion.