Ghana’s Minority Caucus has voiced strong reservations following Parliament’s approval to extend petroleum agreements in the West Cape Three Points (WCTP) and Deepwater Tano (DWT) blocks until 2040.

The caucus led by Alexander Afenyo-Markin ESQ (MP) argue that renewing contracts several years before their expiry—originally set for 2034 and 2036—could set a precedent for early concessions and potentially limit future negotiation leverage for the state.

While the government cites a US$2 billion investment plan to sustain production and ensure operational stability, the Minority warns that premature extensions may undermine opportunities to secure better terms and could create expectations among other industry players for similar treatment.

The debate also touched on amendments to the Master Gas Agreement, which the government says will cut gas prices and increase supply.

Nonetheless, opposition lawmakers maintained that the timing of these approvals raises questions about transparency, fiscal prudence, and Ghana’s long-term strategic interests in the petroleum sector.

Read: Ghana extends offshore oil licences to 2040, revises gas agreement to boost supply and cut prices