Quad Energy breaks silence on AGM/Aker Energy deal

The local partner in the AGM/Aker Energy deal, Quad Energy, has broken its silence regarding its role in the South Deep Water Tano (SDWT) block offshore oil and gas exploration and production activities.

Last week, the minority in parliament singled out the company which they said was only incorporated last month and yet have been chosen as the local partner in the deal with five percent stake in the multibillion-dollar AGM/Aker Energy deal.

The company in a press statement sighted by Citi Business News confirmed it was incorporated in April 2019 with David Adomakoh, a former senior banker at JP Morgan Chase, as the 100 percent shareholder.

Giving the genesis of its affiliation with AGM Petroleum,  the release said: “AGM invited David Adomakoh to form a consortium of established and robust Ghanaian businesses as its local partner. Quad Energy, an indigenous Ghanaian company incorporated in April 2019, is the entity that will partner AGM in its oil & gas exploration and production activities offshore Ghana.

Mr Adomakoh is currently the 100% shareholder of Quad Energy. In establishing the company, he invited his nephew Babatunde Ampah to initially serve as the second director of the company. Mr. Ampah holds no shareholding or any other beneficial interest in the company,” the release explained.

Renegotiation

Parliament on Friday directed Energy Minister Peter Amewu, to re-negotiate government’s amended deal with AGM Petroleum for oil exploration in the Deep South West Tano oil block.

This comes after concerns raised by the members of the Minority on the Energy Committee of Parliament about the decision to reduce the 3% additional shares entitlement of Ghana National Petroleum Corporation (GNPC) in the block.

The Minority had opposed government’s proposal to amend the original 2013 deal insisting it will reduce Ghana’s holding in the block from 43% to 18% and make the nation lose US$10billion.

The post Quad Energy breaks silence on AGM/Aker Energy deal appeared first on Citi Newsroom.

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