Petro SA Deal: There will be benefits across board – Group CEO reacts to rip-off claim

South African Petroleum company, Petro SA says its latest acquisition of an equal split in the interest held by GNPC’s subsidiary, Jubilee Oil Holdings Ltd is structured in a manner that will yield mutual benefits for all partners involved.

Ghana’s Minister of Energy, Dr. Mathew Opoku Prempeh in May this year took a swipe at Ghana National Petroleum Corporation (GNPC) Board Chairman, Freddie Blay for offering Ghana’s fields to the South African Country insisting that the deal is not in the interest of Ghana as the nation will lose revenue. The Minister further ordered Mr Blay to withdraw the offer immediately.

However, sources indicate that the differences may have been ironed out, paving the way for the Petroleum Company to now proceed with its commercial activities with an expected announcement of first oil production in September 2023.

Speaking in an interview on the sidelines of the 15th BRICS summit in Johannesburg, South Africa, Group Chief Executive Officer of Petro SA, Sandisiwe Ncemane noted that the South African firm is committed to the new partnership in Ghana while adding that “I think what is important is to highlight the value of partnerships, and we are committed to the partnership in Ghana.”

“We continue to work with our fellow colleagues and partners, including the Ghana National Petroleum company (GNPC) to ensure that the solutions we that we pursue together lead to a benefit across the board. I’m encouraged that among the areas where we are partnering on, we are due to announce the first oil in September. I think again it is highlighting the value of the collaborations on the exclamation and production so I think that’s really positive and it’s something we should not say away from celebrating.”

Ms Sindi also mentioned that there are opportunities in the other sectors of the Value Chain which the South African Firm will be willing to explore in the coming years.

“Going into new frontiers also needs us to leverage the partnerships with in country. As  Petra SA we really have also realized value through our fellow government agencies in Ghana, at Foreign Affairs, we interact at various levels to make sure that even where there are areas which require a stronger alignment we’ve got the enabling environment that affords,” she said.

“The conversations are advancing and I think we are finding ways and I think we just have to take that over the line.”

Petro SA says it has plans to further expand its frontiers across various markets in order to promote partnerships that will address Africa’s energy needs.