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Ghana National Petroleum Corporation
Industry Oil and gas industry
Headquarters Tema, Greater Accra, Ghana
Key people Alex Mould (CEO)[1]
Owner(s) President John Dramani Mahama
Website www.gnpcghana.com

The Ghana National Petroleum Company (GNPC) is the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in Ghana.[2]

History[edit]

The corporation was established to replace the Petroleum Department which was an agency under the Ministry of Fuel and Power. The department was responsible for the importation of crude oil and petroleum products for the Ghanaian economy.[2] The mandate for oil exploration was held to be the Technical Directorate of the Ministry of Fuel and Power and the Geological Survey Department. The corporation was created to promote the Government of Ghana's objective of supplying adequate and reliable petroleum for the country and the discovery of crude oil in the country's territories.can this be Ghana's oil.

Mandate[edit]

The corporation was established as a state-owned company with the statutory backing of PNDC Laws 64 and 84. The laws mandated the corporation to engage in exploration, production and disposal of petroleum products. The laws also established the legal structure that informed the corporation in contractual agreements between the Government of Ghana and private oil exploration companies. In 1987, the Petroleum Income Tax Law were added to the corporation's mandate to permit it to tax various petroleum products for consumption. The law was the PNDC Law 188.

Functions[edit]

The corporation has amongst it functions to promote petroleum exploration activities, to appraise existing petroleum discoveries, to ensure that Ghana benefit the most from the development of the country's petroleum resources. The corporation promotes the training of Ghanaians in petroleum related activities and ensure environmental protection in all petroleum related activities.

Jubilee fields[edit]

The corporation announced in 2007 that the Petroleum Agreement signed in 2004 between Ghana represented by the Ministry of Energy and the Corporation, on the one hand, and Kosmos Energy HC and its partners had yielded in the discovery of oil in commercial quantities.[3] Production of crude oil begun in December 2010. The country's oil fields are known as Jubilee fields and is situated at Cape Three Points in the Western region of the country. The corporation has controlling stake in all the oil wells that produce crude oil. In April 2011, GNPC confirmed that it had an initial 10% interest in a new oil discovery at the Paradise prospect offshore Ghana. The discovery was announced in April 2011 by Hess Corporation, a New York-based oil company.[4] In June 2011, the corporation lifted 135,675 metric tonnes of Jubilee crude oil from the FPSO Kwame Nkrumah. This represented crude oil on behalf of the Ghana Group, comprising the Government of Ghana (GoG) and GNPC. It represented the first lifting of crude oil from the Jubilee fields. The barrels lifted comprised accumulated government royalties of 37,557 metric tonnes and accumulated GNPC’s 13.75 per cent participating interest entitlement of 98,119 metric tonnes.[5]

References[edit]

  1. ^ "Alex Mould heads GNPC". ghananewsagency.org. 6 October 2013. Retrieved 20 February 2014. 
  2. ^ a b "About GNPC". www.gnpcghana.com. Retrieved 4 June 2011. 
  3. ^ "SIGNIFICANT OIL DISCOVERY IN GHANA". www.gnpcghana.com. Retrieved 5 June 2011. 
  4. ^ "GNPC confirms 10% initial interest in newly found oil in Ghana". www.ghanabusinessnews.com. Retrieved 5 June 2011. 
  5. ^ "GNPC Lifts 994,691 Barrels Of Crude Oil". www.ghanaoilonline.org. Retrieved 5 June 2011. 

Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Ghana_National_Petroleum_Corporation — Please support Wikipedia.
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52 news items

 
GhanaWeb
Wed, 23 Jul 2014 11:22:30 -0700

Dr Adam said Ghana National Petroleum Corporation (GNPC) received a total amount of 207,964,303 million dollars in 2011 and total expenditure was 207,964,303 million dollars, in 2012. The Corporation received 230,949,926 million dollars and its total ...
 
GhanaWeb
Wed, 23 Jul 2014 07:48:45 -0700

Mr Pourcelle said even before the law came into force, the company had already established a working relationship with the Ghana National Petroleum Corporation (GNPC) to form the GNPC-Technip Engineering Services Limited (GTES) in November 2012 ...
 
GhanaWeb
Tue, 15 Jul 2014 23:45:00 -0700

The country's increasing importance as an oil and gas producer led to the creation of the commission to take over the function of regulating the upstream petroleum sector from the Ghana National Petroleum Corporation (GNPC). This means the GNPC is no ...
 
GhanaWeb
Fri, 18 Jul 2014 05:00:00 -0700

This will include 35 per cent of the initial capital contributions being made by Ghanaian institutions such as SSNIT, the Ghana Ports and Harbours Authority (GPHA), the Ghana National Petroleum Corporation, the Volta River Authority (VRA) and the State ...

Ghana News Agency

Vibe Ghana
Wed, 16 Jul 2014 10:42:02 -0700

Transfers to the Ghana National Petroleum Corporation from the country's oil revenue have also been revised upwards from GH¢423.7 million to GH¢599.0 million due to the higher estimated revenue from oil. The Finance Minister said that because of the ...

Oil & Gas Technology (blog)

Oil & Gas Technology (blog)
Thu, 17 Jul 2014 03:41:15 -0700

The agreement is between Pan Andean Resources (60 per cent Clontarf, 30 per cent Petrel, 10 per cent local interests) the Ghana National Petroleum Corporation and the government of Ghana. All parties agreed to seek to expedite the ratification process ...
 
GhanaWeb
Fri, 18 Jul 2014 05:56:15 -0700

The Ghana National Petroleum Corporation, a state-owned enterprise under the ministry has a board chair (Mr Ato Ahoi) too powerful for the minister to contain. Ghana Gas, another state-owned enterprise under the same ministry has a chief executive (Dr ...
 
GhanaWeb
Wed, 25 Jun 2014 03:07:30 -0700

There is no constitutional mandate for institutions such as the Ministry of Energy, the Ghana National Petroleum Corporation (GNPC) and the Ghana Revenue Authority (GRA) to publish information on the industry, including prices, volumes, production ...
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