Public Interest Accountability Committee

Status Of Recommendations

Finding Recommendation Responsibility Status Comments
10. SOPCL Lifting Figures (Key Finding 8 of 2014 Annual Report)
Discrepancies in the crude oil production figures provided by SOPCL and the MoF/GNPC. SOPCL figures suggested an increase in production whereas MoF/GNPC indicated otherwise. The SOPCL and the MoF/GNPC must resolve the discrepancies in the production and lifting figures from the Saltpond field so as to help determine the actual royalties that ought to have been paid as well as establishing the true performance/state of affairs at the Saltpond field. SOPCL, MoF/GNPC No significant steps taken so far as there continues to be discrepancies in figures reported by SOPCL and the GNPC/MOF  

 

Finding Recommendation Responsibility Status Comments
11. Deciding the Economic Viability of Saltpond Field (See Recommendation of 3 of 2014 Annual Report)
Dwindling crude oil production volumes from the Saltpond field coupled with rapidly falling global crude prices rendering the continuous operation of the Saltpond Field not viable Urgent need for a critical appraisal of the viability of the continuous operation of the Saltpond field against the backdrop of low crude oil price. With crude oil price projected to hover around US$52 in 2015, the business case for operating the Saltpond field in 2015 has been further weakened considering that fact the oilfield produced a barrel of crude oil at a costs US$31.22 in 2014. GNPC / Ministry of Finance Available information from GNPC indicates that the Saltpond Field is being decommissioned thereby bringing to an end oil production from the Ghana’s first commercial field.  

 

Finding Recommendation Responsibility Status Comments
12. Non-Payment of Surface Rental by Oranto/Stone Energy (Finding 13 of 2014 Annual Report)
Oranto/Stone Energy yet to honour an outstanding surface rental invoice of US$67,438.36 since February 2013 GRA to compel Oranto/Stone Energy to pay outstanding invoice with applicable penalties for the period during which they have been in default. GRA Invoice still outstanding as at December 2015