Accra, July 19, GNA - An agreement for the exploration of oil and gas on the Shallow Water Tano Contract Area was deferred twice on Wednesday as the Minority battled to seek an upwards adjustment of the nation's equity in the deal.

The Majority and the Minority have subsequently agreed to step it down while consultations are made to reach consensus on the matter. Under the proposed contract; "Petroleum agreement amongst the Ghana National Petroleum Corporation (GNPC), Tullow (Ghana) Limited and Sabre Oil and Gas Limited in respect of Shallow Water Tano Contract Area", the GNPC, which represent the interest of Ghana holds an interest of 12.5 per cent.

The Minority contended that the GNPC had already invested about 50 million dollars in the area and, therefore, any percentage of equity must commensurate with the investment made so far.

Mr Edward Doe Adjaho, the Deputy Minority Leader said, "in view of the fact that GNPC had pumped in considerable amount of money into the area we think that we could have negotiated for a better deal. We are, therefore, going to abstain. We would not take part in the vote and we are doing this in the interest of Ghana."

Mr Osei Kyei-Mensah-Bonsu, Majority Chief Whip, asked the Minority to come up with a more scientific argument since the percentage of equity involved was not just the interest accruing to Ghana as a country.

He said royalty of five per cent and another form of interest of 10 per cent would add up to 27.5 per cent. The Second Deputy Speaker, Alhaji Alhassan Yakubu, who presided, called on both groups to reconsider the issue off rpt off the floor of Parliament.

Earlier, the House approved an agreement amongst the Government, GNPC and Amerada Hess Ghana Limited for the conduct of petroleum exploration and production operations in the Deepwater Tano/Cape Three Points Contract Area.