Alex Mould, the former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) has called on the government to have an independent investigation into the renegotiation deal of Aker Energy and government oil exploration.

According to Alex Mould, the move has no economic benefit to the state and should be reversed.

“I don’t know how anybody could be convinced by the decision by the government to reduce the country’s interest in an oil bloc that belongs to the people of Ghana, from 43% to 18%, for what reason?” he questioned in an interview with Joy News monitored by GhanaWeb.

He further stated that “there are so many questions that need to be asked about this deal because it doesn’t make sense for me as an industry person and I think civil society and the media must ask questions.”

The government last year renegotiated the deal to reduce the equity shares of Ghana and the GNPC to about 15 per cent. This move was intended to give some incentive to Aker energy before the takeover of the Deepwater Cape Three Point oil bloc from AGM Petroleum, the original company that acquired the bloc during the previous government.

It justified the decision last year to renegotiate the agreement which led to a reduction of the participating interest of the GNPC from 15% to 3% as well as reducing Ghana’s interest from the original 43% to 18%.

Meanwhile, from a previous 10% to 15% the new agreement has also increased Ghana’s free interest in the bloc.