Ten years after commercial discovery of oil in Ghana `

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Tekonline.org 6 years ago

This excerpt probably could apply to almost all the natural resources:

"...Understandably, whenever many people think about oil, the first thing that comes to their minds is money; that is, the revenue derived from oil. Th ...
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This excerpt probably could apply to almost all the natural resources:

"...Understandably, whenever many people think about oil, the first thing that comes to their minds is money; that is, the revenue derived from oil. They are usually not interested in the huge amount of money and other resources that are used, or the risks taken, to produce crude oil from thousands of feet beneath the sea floor..."

We need to bear that in mind as we utter the daily mantra: "we are blessed with natural resources".
Winners 6 years ago

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Prof Lungu 6 years ago

READ: "...Act 919 repealed The Petroleum (Exploration and Production) Act, 1984 (PNDCL 84), and is now the comprehensive, umbrella law that governs petroleum activities in Ghana. Under Act 919, petroleum in its natural state ...
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READ: "...Act 919 repealed The Petroleum (Exploration and Production) Act, 1984 (PNDCL 84), and is now the comprehensive, umbrella law that governs petroleum activities in Ghana. Under Act 919, petroleum in its natural state anywhere in Ghana is the property of the Republic of Ghana and vested in the President on behalf of and in trust for the people of Ghana...".

WE SAY: That is not an entirely accurate assessment. That is merely a theory stood on its head. Ghana does not have a Production Sharing Agreement (PSA). In fact, Act 919 repealed a PSA law. Ghana has the NPP-created, and NDC adopted "Ghana Hybrid System", as basis for oil contracts. In practice, where it truly matters, only PSA regimes recognize that the "petroleum in its natural state...is the property of the (STATE) and vested in...in trust for the people...", who own the resource.

When you sell blocks of oil, you do not still own the blocks!

Further, on the same subject of the repeal, this is directly from Act 919:
"...Repeal and savings
97. ( 1) The Petroleum (Exploration and Production) Act, 1984
(PNDCL 84) is hereby repealed.
(2) Despite the repeal of PNDCL 84, the Regulations, rules by-laws, notices, orders, directions, appointments or any act lawfiflly made or done under the repealed enactment and in force immediately before the commencement of this Act shall continue to have effect until revoked, cancelled or terminated...".

ITEM: We submit that is quite as good as a Twilight Zone of confusion, to enable politicians profit handsomely in the dark, as the fool the People!

QUESTION: How many oil contracts have been put in the pubic domain by the government of Ghana, where, when?

QUESTION: Who/what corporations own, (beneficiary) all the oil blocks that have been sold, and are being sold?

QUESTION: What criteria is Dr. Gyebi using to claim Ghana is getting Fair Trade Oil Share, for Ghana?

But, surely, "Most Ghanaians would like to follow the oil money"!

But, one can never have a fair "stake” if one does not know one is getting fair revenues in the first place, as owner of the resource.

(We've done a lot of work on this item and will not belabor it further. If still interested, simply Google "Prof Lungu", FTOS-Gh, GIGS, PSA, www.GhanaHero.com, for mo!).
Prof Lungu 6 years ago

ITEM: We submit that is quite as good as a Twilight Zone of confusion, to enable politicians profit handsomely in the dark, as they fool the People!

ITEM: We submit that is quite as good as a Twilight Zone of confusion, to enable politicians profit handsomely in the dark, as they fool the People!
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Abbey 6 years ago

What key strategic project have we achieved since the discovery.

What key strategic project have we achieved since the discovery.
Neutral Zone 6 years ago

None Abbey. None!

None Abbey. None!
Yaw Nketia 6 years ago

THANKS YOU AND GOD BLESS YOUR FOR SUCH INSIGHTFUL PIECE

THANKS YOU AND GOD BLESS YOUR FOR SUCH INSIGHTFUL PIECE
Otsibu Darko 6 years ago

Your piece is very thoughtful I wish there were many like you who can contribute to welfare of the nation! There is an article at this same website of 01/02 2015(1st Feb.2015) captioned Ghana earns $1 billion from oil sales, ...
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Your piece is very thoughtful I wish there were many like you who can contribute to welfare of the nation! There is an article at this same website of 01/02 2015(1st Feb.2015) captioned Ghana earns $1 billion from oil sales, take note particularly of last but one paragraph and explain as I am completely confused about it. What it seems odd to me is that the Ghana govt., Jubilee field/Tullow or the various officials associated with earnings have not confirmed or deny it. Having worked with Chevron before I hope your explanation will ally my fears, are we Ghanaians being taken for stupid by the Ghana Govt. and Tullow if the earnings is true? Also read the other comments attached to the same article. We all want the best for Ghana!
Nash 6 years ago

Kindly tell president kuffuor to terminate his 10%chop chop bribe on the oil fields or else He will very soon account to God.Thief .

Kindly tell president kuffuor to terminate his 10%chop chop bribe on the oil fields or else He will very soon account to God.Thief .
fool 6 years ago

DISCOVERY AND DRILLING OIL WITH GOOD METERING ACCOUNTING TO HOW MUCH QUANTITY OF OIL SOLD OUT.

DISCOVERY AND DRILLING OIL WITH GOOD METERING ACCOUNTING TO HOW MUCH QUANTITY OF OIL SOLD OUT.

Ten years after commercial discovery of oil in Ghana `

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