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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 Government of Ghana
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.

716 news items

Graphic Online

Graphic Online
Sun, 12 Jul 2015 19:48:45 -0700

With the coming into effect of the new law, the Ghana National Petroleum Corporation (GNPC ) will no longer have the power to control revenue generated from the sale of petroleum products. The law stipulates that "The Minister of Finance shall ensure ...

GhanaWeb

World Bank Group
Thu, 30 Jul 2015 10:13:03 -0700

The Board approved a unique combination of two guarantees for the Project – an IDA* Payment guarantee of $500 million that supports timely payments for gas purchases by Ghana National Petroleum Corporation and an IBRD** Enclave Loan guarantee of ...

Sudan Vision

Sudan Vision
Thu, 30 Jul 2015 10:03:45 -0700

The Board approved a unique combination of two guarantees for the Project – an IDA* Payment guarantee of $500 million that supports timely payments for gas purchases by Ghana National Petroleum Corporation and an IBRD** Enclave Loan guarantee of ...

Ghana Business News

Ghana Business News
Fri, 10 Jul 2015 12:18:45 -0700

A report by Parliament's Committee on Finance, Chaired by James Klutse Avedzi, observed that the Bill would make the Ghana National Petroleum Corporation (GNPC) an operator in the field and empower it to borrow on the strength of its own balance sheet ...
 
Ghana Business News
Sun, 26 Jul 2015 09:52:30 -0700

The Ghana National Petroleum Corporation (GNPC) has stepped up the search for more oilfields as it begins work on the Voltaian Basin Project. The project seeks to confirm the presence of petrochemicals in the voltaian basin that stretches across Volta, ...
 
AllSports.com.gh
Sat, 25 Jul 2015 02:45:00 -0700

The Ghana National Petroleum Corporation (GNPC), winning prize sponsors of t this year's Ghana's Fastest Human Under 18 competition, has called on Ghanaians to rally behind this year's event to unearth talents for the nation. “We took on the winning ...

Graphic Online

Graphic Online
Tue, 28 Jul 2015 20:22:30 -0700

Besides, he said, the audited accounts of the Ghana National Petroleum Corporation (GNPC) oil exploration levy for the past three years had been published on the same website. He said since the bailout programme was only administrative, what was ...

Ghana Broadcasting Corporation

Reuters
Tue, 07 Jul 2015 10:15:00 -0700

The other stakeholders are the state-owned Ghana National Petroleum Corporation with 13.64 percent, Kosmos Energy with 24.08 percent, Anadarko Petroleum Corp with 24.08 percent, and Sabre/PetroSA with 2.73 percent. (Reporting by Kwasi Kpodo; ...
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