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Ghana National Petroleum Corporation
Industry Oil and gas industry
Headquarters Tema, Greater Accra, Ghana
Key people Alex Mould (CEO)[1]
Owners 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.
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811 news items

Citifmonline

The Worldfolio
Wed, 17 Dec 2014 03:37:30 -0800

Ghana´s potential as an oil producer has been evident since the discovery of the offshore Jubilee field in 2007. Alex Mould, CEO, Ghana National Petroleum Corporation, talks about GNPC's plan to become a “full operator” with 15 years, developing its ...
 
The Worldfolio
Fri, 21 Nov 2014 09:09:52 -0800

“We have no problems getting investment because we have one of the best basins in the world,” says Alexander Kofi Mensah Mould, CEO of Ghana National Petroleum Corporation (GNPC). “We have one of the most recent and largest discoveries in the ...

Citifmonline

Citifmonline
Thu, 18 Dec 2014 21:26:15 -0800

Regarding the takeover of Ghana Gas by the Ghana National Petroleum Corporation (GNPC), KT Hammond said the media war between the board chairman of Ghana Gas, and the Energy Minister seems to suggest that “there is a big interest and for that ...

spyghana.com

spyghana.com
Sat, 20 Dec 2014 05:29:12 -0800

The second part highlights the Ghana National Petroleum Corporation's (GNPC's) utilisation of its share of the oil revenue and what the petroleum fund has accumulated so far.” The discovery of oil in commercial quantities in 2007 and the commencement ...

spyghana.com

spyghana.com
Sat, 20 Dec 2014 09:48:45 -0800

... operations of the National Oil company, Ghana National Petroleum Corporation (GNPC) and the mode of financing its operations as provided for in Section (15(2)) of GNPC Law which requires the “Corporation to borrow money only on the recommendation ...
 
BusinessGhana
Fri, 19 Dec 2014 00:03:45 -0800

Development of the TEN Project is being led by Tullow Oil, with partners Ghana National Petroleum Corporation, Kosmos Energy LLC, Anadarko Petroleum Corporation and PetroSA. The TEN fields are located in the Deepwater Tano licence which covers an ...
 
GhanaWeb
Thu, 18 Dec 2014 22:00:00 -0800

ACEP wants explanations from government the Ghana National Petroleum Corporation (GNPC) on the discrepancy in the two figures. Chief Executive Director of ACEP, Mohammed Amin Adam said "contrary to government announcement that the $15 million ...

Ghana Business News

GhanaWeb
Wed, 17 Dec 2014 11:07:30 -0800

Mr Alex Mould, Chief Executive Officer, Ghana National Petroleum Corporation noted: “As one of the TEN Partners, we are pleased to be associated with the efforts that the field Operator, Tullow Ghana, is pursuing.” “It is tangible evidence that we are ...
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