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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.

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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56 news items

 
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Tue, 02 Sep 2014 04:37:30 -0700

NPP's Nana Akufo-Addo, deserves no hero-worshipping nor adulation for accepting the verdict of the Supreme Court, after an 8-month-long legal haggle, Tsatsu Tsikata, Lead Counsel for one of the Respondents – the governing National Democratic ...
 
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Mon, 25 Aug 2014 01:26:15 -0700

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Fri, 29 Aug 2014 06:30:00 -0700

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Fri, 29 Aug 2014 04:15:00 -0700

Saltpond Offshore Producing Company Limited is a Joint Venture between Lushann Eternit Energy Limited and Ghana National Petroleum Corporation. SOPCL is the operator of the Saltpond Oil field, offshore Ghana. Lushann Eternit Energy Limited ...

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Tue, 26 Aug 2014 12:22:19 -0700

Former President Rawlings is credited for setting up the Ghana National Petroleum Corporation (GNPC), the passage of the petroleum law which is currently still used to govern the exploitation of petroleum resources and the passage of the petroleum ...
 
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Tue, 26 Aug 2014 07:15:00 -0700

According to him, ex-President John Rawlings was also considered for his contribution to the setting up of the Ghana National Petroleum Corporation (GNPC) while ex-President John Kufuor was also acknowledged for the discovery of oil under his ...
 
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Tue, 26 Aug 2014 20:11:15 -0700

TV3's Ghana's Most Beautiful programme, UT Bank Koowa Accounts, Ghana Commercial Bank, Ghana National Petroleum Corporation, Ghana Broadcasting Corporation, GTV Agrofie programme, Global Access SME Auto Loan and Unibank Ghana Ltd, ...

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Citifmonline
Wed, 13 Aug 2014 04:26:15 -0700

The Ghana National Petroleum Corporation (GNPC) says Tema Oil Refinery (TOR) in its currents state is not profitable. It said unless the Tema Oil Refinery (TOR) is put into proper shape, it cannot be allowed to refine crude from the jubilee oil fields.
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