Post #234

🇬🇭 A Lesson to Avoid 🌐 Against the backdrop of a catastrophic decline in oil production (down 26% compared to the previous year), the Ghanaian government has decided to take control of the country's largest undeveloped field in order to halt the decline. 🔸 The Afina field has been owned by the Ghanaian Springfield Group since 2016. In 2019, about 1.5 billion barrels of oil reserves were discovered there, but production never started. Springfield Group is a Ghanaian energy conglomerate, one of the major indigenous players in Ghana’s petroleum sector. The group was founded by Ghanaian entrepreneur Kevin Okyere. 🔸 In 2020, the Ghanaian government itself provoked legal disputes that undermined further development. At that time, Ghanaian Energy Minister John Peter Amewu arbitrarily demanded that the block be developped by Springfield together with Italian oil major Eni, which Eni did not agree to. ⏩ The plan is the purchase of the block from Springfield by the state-run GNPC followed by a joint venture with another international oil giant, like Eni or Tullow Oil, which already control around 80% of the country's output. Even if this works out and Ghana gets some extra oil in short term, it will thus kill the nascent sector of its own oil producers, favoring international giants. Devils Below