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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.
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Wed, 01 Oct 2014 09:41:15 -0700

The Ghana FA boss has said his outfit never received double payment in friendlies involving the Black Stars since the Ghana National Petroleum Corporation (GNPC) became the headline sponsors of the national football team. The Commission holds the ...

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Wed, 01 Oct 2014 05:00:00 -0700

Mr Fugah said it had come to their notice that Ghana National Petroleum Corporation (GNPC) which had the mandate to explore for crude, had allegedly started importing finished petroleum products. He stressed that it was about time some drastic action ...
 
AllAfrica.com
Wed, 01 Oct 2014 22:26:15 -0700

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Wed, 01 Oct 2014 01:15:00 -0700

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Tue, 30 Sep 2014 02:11:15 -0700

The regulations also provide that entities in the petroleum industry must submit their local content plans regarding the use of local goods and services, and the transfer of advanced technology and skills to the Ghana National Petroleum Corporation ...

spyghana.com

spyghana.com
Wed, 01 Oct 2014 05:00:00 -0700

Mr Fugah said it had come to their notice that Ghana National Petroleum Corporation (GNPC) which had the mandate to explore for crude, had allegedly started importing finished petroleum products. He stressed that it was about time some drastic action ...
 
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Fri, 26 Sep 2014 13:26:15 -0700

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Thu, 25 Sep 2014 12:52:30 -0700

The Chief Executive Officer (CEO) of Ghana National Petroleum Corporation (GNPC), Mr. Alexander Kofi Mould, says an initial amount of $50 million is needed to revamp the oil exploration project at the Saltpond oilfields. According to him, plans were ...
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