ACEP, IMANI Probing GNPC US$52m Full Loss Contract With Genser Energy

Civil Society organizations, IMANI Africa and Africa Center for Energy Policy (ACEP) are investigating what can be described as an imbecilic oil contract in which the Ghana National Petroleum Corporation buys gas at US$95.8million and then sell it to US based oil and gas company, Genser Energy at US$43.5million.

The revelation of the investigation is by IMANI Vice President, Bright Simons who gave an overture in a tweet.

“ACEP & IMANI analysts are investigating a secret contract between GNPC & US based Genser in which Ghana appears to buy gas at $95.8million and sell to the company at $43.5m, leading to a whopping $52million loss! GNPC better have answers!”

Mr. Simons is one of those hawkish CSO actors whose words shake government because the man always has his homework done. If this turns out to be true, it could go down as one of a number of strange investment moves by the GNPC.

In July, this same GNPC asked to be given US$1.6billion to buy back takes in two offshore oil licences not yet in development in an arrangement that smacked of a move to deliberately make a loss. This is because after Aker had acquired the block, it had reportedly spent less than US$150million to develop the wells.

Genser Energy, is an energy solutions provider based in the USA with operations in Africa. It currently operate in Ghana and also have early stage projects in Burkina Faso, Mali and Guinea.