CSOs kick against attempt to sell 50% interest of JOHL [Articles & Interventions News Feature]
The Civil Society Organisations (CSOs) Coalition on Extractive Governance has raised concerns over attempts by the Ghana National Petroleum Corporation (GNPC) to sell a 50 percent stake of Jubilee Oil Holding Limited (JOHL) to PetroSA, a South African firm.
JOHL, a subsidiary of the GNPC, was acquired in 2021 at the cost of USS164,798,691 by GNPC through a Share Purchase Agreement between Anadarko Offshore and GNPC with monies advanced by the Ministry of Finance. In 2022 alone, the interest of JOHL raked in some US$290million, according to the 2022 PIAC annual report.
Total payments for cash calls (including fields in which Explorco holds an interest) amounted to US$83million - leaving a gross margin of US$207 million for GNPC/JOHL from the Jubilee and TEN fields operated by Tullow Ghana.
Despite the revenue potential of this interest to the state, the coalition said GNPC has initiated steps to sell 50 percent of JOHL's assets held in the Cayman Islands to PetroSA, in what the CSOs described as bizarre circumstance two years after Anadarko sold the asset to GNPC. Details of the deal came to light in a letter from the Minister of Energy, Dr. Matthew Opoku-Prempeh, in which he urged the president not to approve the transaction...
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