• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

IEA Demands Parliamentary Scrutiny of Tullow Oil Licence Extension Deal

4 months ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
166
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IEA Demands Parliamentary Scrutiny of Tullow Oil Licence Extension Deal

The Institute of Economic Affairs (IEA) is demanding parliamentary scrutiny over government’s decision to extend Tullow Oil’s petroleum licences beyond their current expiry date of 2036, arguing the move requires legislative ratification.

According to the IEA, the extension of licences covering the West Cape Three Points and Deepwater Tano blocks until 2040—under a Memorandum of Understanding (MoU) signed between the government and Tullow—could constitute a material change to the original agreement ratified by Parliament, and therefore cannot proceed without legislative approval.

Speaking at an IEA roundtable, Barrister and Solicitor Victor Anku-Tsede emphasised that any attempt to extend the operational period of oil contracts must be subjected to the necessary constitutional processes. Citing the Supreme Court’s 2017 ruling in Banful and Another v. Attorney General and Another, Anku-Tsede maintained that even informal agreements between the Executive and foreign entities require parliamentary ratification when they materially alter existing commitments.

“In that case, the government had argued that there was no formal agreement or treaty between Ghana and the United States—only a note verbal,” Anku-Tsede noted. “Yet the Court held decisively that even such an instrument, despite its informal title, constituted an international agreement and therefore required ratification by Parliament.”

He stressed that the nomenclature used—be it MoU, addendum or understanding—does not negate its legal effect. “If, in substance, it extends the terms of a license already ratified by Parliament, then it too must be brought before this House,” he said. “Parliament originally gave its approval for the license with a timeline that runs until 2036. Any extension beyond that date isn’t just an administrative step; it’s a legal matter that requires fresh validation by Parliament.”

Anku-Tsede further underscored that constitutional oversight of the country’s natural resources cannot be compromised. “This isn’t about formality for its own sake,” he argued. “It goes to the heart of constitutional oversight. Our legal framework is built on the principle that the people’s representatives must have the opportunity to examine and, if necessary, improve the terms under which national resources are managed. Without that scrutiny, we risk sidelining the very accountability the Constitution demands.”

RelatedPosts

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

The IEA’s position adds to growing calls for transparency in Ghana’s upstream petroleum sector, as the country seeks to maximise value from its depleting hydrocarbon reserves amidst the global energy transition.

Tags: IEAIEA Demands Parliamentary Scrutiny of Tullow Oil Licence Extension DealTullow Oil

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Trending

Features

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools Gold prices fell by the...

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.