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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 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.
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194 videos foundNext > 

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194 videos foundNext > 

805 news items

 
Pulse.com.gh
Mon, 27 Apr 2015 03:09:17 -0700

Mr. Tsatsu Tsikata, former Chief Executive of the Ghana National Petroleum Corporation (GNPC), has stated that Ghana had a stronger case going into the actual hearing of the substantive matter in the maritime dispute with the Ivory Coast. According to ...
 
Citifmonline
Wed, 08 Apr 2015 07:03:45 -0700

... 43.5 million dollars went into withholding tax, while 4.6 million dollars and 3.8 million dollars went into custom duties and Value Added Tax (VAT) respectively. 63 million dollars was paid for the TEN carry for Ghana National Petroleum Corporation ...
 
Ghanaian Chronicle
Fri, 24 Apr 2015 04:03:18 -0700

This Committee, which was composed of representatives from the Ministries of Energy and Finance, Attorney-General's Department, Bank of Ghana, Ghana National Petroleum Corporation, Cocoa Marketing Company, and Volta River Authority reported to ...

Citifmonline

Citifmonline
Fri, 10 Apr 2015 01:48:45 -0700

But the GNPC says it may borrow less than half of the 700 million dollars because of the drop in oil prices. The original loan deal last year Citi Business News has learnt was based on oil prices of $110 per barrel. The prices of oil on the world ...

spyghana.com

spyghana.com
Wed, 08 Apr 2015 11:11:15 -0700

Prestea Sankofa Limited, a mining company largely owned by the Ghana National Petroleum Corporation (GNPC) owes the state over GHS 6.5 million unpaid royalties. The debt owed the state is as a result of accrued royalty debts the company failed to ...

GhanaWeb

GhanaWeb
Mon, 20 Apr 2015 13:15:00 -0700

In attendance would also be Emmanuel Armah-Kofi Buah, Minister of Energy; Dr Kwabena Donkor, Minister of Power; Alex Mould CEO Ghana National Petroleum Corporation (GNPC); Walter Perez Managing Director West African Gas Pipeline Company; ...

GhanaWeb

GhanaWeb
Wed, 08 Apr 2015 13:03:45 -0700

State oil operator, Ghana National Petroleum Corporation (GNPC) has finally taken over the Ghana National Gas Company. This follows the acquisition of shares held by Government in Ghana Gas Company by the GNPC. Ghana Gas is now expected to ...

GhanaWeb

GhanaWeb
Thu, 09 Apr 2015 09:41:15 -0700

The Ghana National Petroleum Corporation (GNPC) is set to implement the findings of an internal investigation into the alleged receipt of a kickback by one of its officials. The official, Samuel Ledo, was part of the committee which organized fans to ...
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