Minister seeks Ghana offshore license termination
(Thomson Reuters ONE) - In a letter to Aker, Ghana's Minister of Energy asserts that the company'soffshore exploration and development license in Ghana is invalid. Aker does notsee any foundation for such an assertion.In November 2008, Aker was awarded an ownership interest in and operatorship ofa petroleum offshore exploration and development license at a deepwater fieldoff the coast of Ghana on Africa's west coast. The petroleum agreement had beennegotiated with the national oil company GNPC and the then current government ofGhana, and was presented to and ratified by Ghana's Parliament (see enclosure). Subsequently, elections havebeen held in Ghana and a new government is in power."Over the past six months we have had indications that the new administration isseeking to withdraw our license agreement. These signals have now been confirmedin the letter from the Minister that states that the agreement is consideredinvalid. The reason given is that the agreement does not meet legal requirementsthat a Ghanaian company must be party to the agreement. We see no basis in lawor fact for this claim," says Aker's investment manager Maria Mor? Hanssen,who oversees Aker's interests in Ghana."Aker Ghana and Aker have acted as required. The agreement has been entered intoas it was unanimously adopted by Ghana's Parliament. Our subsidiary in Ghana hasassumed the responsibilities under the agreement, and offered to formally enterinto the agreement, as required by law. Naturally, we have regarded theagreement as valid, and we have, with the understanding of other Ghanaianauthorities, gathered and processed seismic survey data to an extent thatexceeds our obligations under the petroleum agreement," says Ms. Mor? Hanssen.Partner criticizedIn the letter the Minister also raises questions regarding Aker's local partnerChemu Power. Chemu has been subjected to a smear campaign appearing in Ghana'smedia accompanied by attempts to link the company to rumors about improperconduct in a matter unrelated to Aker and the petroleum agreement.Aker's agreements with Chemu were made at the request of Ghanaian authorities toinclude a local partner and there has been complete transparency regardingChemu's five-percent ownership interest in the license. Chemu's role is alsoknown and identified in the petroleum agreement that was put forth and approvedby Ghana's elected representatives. Across-the-board transparency has been a keyrequisite for Aker.A careful investigation by Aker of Chemu prior to entering into their businessrelationship did not uncover any questionable issues or concerns associated witheither Chemu or its principals. To further protect Aker's interests, Akerinsisted that the agreement with Chemu feature clauses that provide fortermination of the local partner agreement in the event that Chemu had acted, oracts, illegally or in a way that contravenes commonly accepted businesspractices."No such improprieties have been uncovered" says Ms. Mor? Hanssen. She notesthat the cooperation with Chemu so far has been of limited scope. In total, Akerhas paid Chemu approximately NOK 2 million as payment for documented costsrelated to administrative services of a practical nature performed in Ghana,including payment for rent and personnel.Road ahead"As is well known, Aker was excited about the opportunity to participate indeveloping Ghana's oil industry when we entered into the petroleum agreement in2008. The current turn of events is deeply disappointing. As an initial steptoward resolution, we have informed Ghana's Minister of Energy that we do notaccept the claim that the agreement is invalid," says Mor? Hanssen.Mor? Hanssen further states that it is self evident that Aker's success in thecountry depends on maintaining good relations with Ghana's authorities. She alsonotes that the Minister of Energy has indicated a possible solution to thematter under which Aker will have the expenses it has incurred in connectionwith its seismic survey covered."These are all issues that factor into our upcoming dialogue with Ghana'sauthorities. We intend to be constructive. The goal is to arrive at a solutionthat serves the interests of both parties," says Mor? Hanssen.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1376298] Aker Ghana: http://hugin.info/138689/R/1376298/337843.pdf
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Datum: 22.01.2010 - 11:11 Uhr
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