digplanet beta 1: Athena
Share digplanet:

Agriculture

Applied sciences

Arts

Belief

Business

Chronology

Culture

Education

Environment

Geography

Health

History

Humanities

Language

Law

Life

Mathematics

Nature

People

Politics

Science

Society

Technology

Ghana National Petroleum Corporation
Industry Oil and gas industry
Key people
Alex Mould (CEO)[1]
Owner 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.

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.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.
1 videos found

https://youtube.com/devicesupport

https://youtube.com/devicesupport http://m.youtube.com

 
1 videos found

798 news items

Ghana Broadcasting Corporation

AllAfrica.com
Tue, 26 May 2015 08:00:00 -0700

The Ghana National Petroleum Corporation (GNPC) has launched its national stakeholder engagement on the Voltaian Basin Project, ahead of commencing preliminary seismic work. The event took place at the Holiday Inn Hotel in Accra on Wednesday, May ...

Citifmonline

Citifmonline
Fri, 08 May 2015 03:34:08 -0700

Five years on, Chief Executive of the Ghana National Petroleum Corporation, Alex Mould, tells Citi Business News the two sides are back to do serious business. 'ExxonMobil is looking at a block which was relinquished and is vacant, their interest is to ...

spyghana.com

spyghana.com
Wed, 27 May 2015 14:00:00 -0700

The Provisional National Defense Council (PNDC) Law 84, Section 2(1) states: “No person other than the Ghana National Petroleum Corporation (GNPC)…shall engage in the exploration, development or production of petroleum except in accordance with ...
 
DirectorsTalk Interviews
Tue, 12 May 2015 03:34:48 -0700

Oil giant Exxon Mobil Corporation NYSE:XOM is to begin operations in Ghana now after signing an MOU with Ghana National Petroleum Corporation (GNPC) to purchase an oil block close to the Hess and Jubilee fields. CEO of GNPC Alex Mould 'we are ...
 
Pulse.com.gh
Thu, 07 May 2015 04:26:15 -0700

Mr. Tsatsu Tsikata, former Chief Executive of the Ghana National Petroleum Corporation (GNPC), has stated that he bears no grudge against former President John Kufuor, whose New Patriotic Party (NPP) government imprisoned him. The astute lawyer ...

spyghana.com

spyghana.com
Sat, 16 May 2015 11:56:15 -0700

Evaluation is then done by a Block Evaluation Committee, comprising the Ministry of Petroleum, the Petroleum Commission and the Ghana National Petroleum Corporation (GNPC). The evaluation of applications focuses on technical competence and ...

Euromoney magazine

Euromoney magazine
Thu, 21 May 2015 08:56:15 -0700

Recent news that the state-owned Ghana National Petroleum Corporation (GNPC) will soon finalise a $400 million loan from international markets was met with a parliamentary challenge – later thrown out by the court – on the NOC's right to independently ...

Graphic Online

Graphic Online
Thu, 21 May 2015 02:00:00 -0700

Asked why the Ghana National Petroleum Corporation's (GNPC) original contract was abandoned, he said even though the GNPC started the project, there was no agreement to that effect. He said also that there was a legal binding contract on the project.
Loading

Oops, we seem to be having trouble contacting Twitter

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!

Searchlight Group

Digplanet also receives support from Searchlight Group. Visit Searchlight