The Ghana National Petroleum Company (GNPC) is the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in Ghana.
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. 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.
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.
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.
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. 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. 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.
Mr. Asafu Adjaye, Acting Chief Executive of The Ghana National Petroleum Corporation
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Mon, 25 Aug 2014 01:32:36 -0700
The Report also called on Parliament to seek evidence of efficient spending of previous allocations to the Ghana National Petroleum Corporation (GNPC) as a condition for allowing GNPC to have control over its revenues—as demanded— noting that the ...
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 ...
Tue, 26 Aug 2014 15:30:00 -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 ...
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, ...
Fri, 22 Aug 2014 03:41:15 -0700
Ghana National Petroleum Corporation (GNPC), which oversees exploration, says seismic surveys will not disrupt fishing. “We have been engaging the association of fishermen on this project,” says a GNPC spokesman. “The fishermen need to understand ...
Thu, 21 Aug 2014 02:11:15 -0700
The companies were the Ghana National Petroleum Corporation, which presented a cheque for GHC 40,000.00, Friends of the Earth, an international network of environmental organizations also presented a cheque for GHC 6000.00 for the national best ...
Fri, 22 Aug 2014 15:41:15 -0700
However, the 2002 model form petroleum agreement used by the government permits the disclosure of data and information “to a bona fide potential assignee of all or part of Contractor's Interest hereunder provided the Ghana National Petroleum ...
Mon, 11 Aug 2014 12:41:15 -0700
The services captured include, Daily Graphic, the Mirror newspaper,TV3 Ghana's Most Beautiful, UT Bank, Bank Koowa Accounts, Ghana Commercial Bank, Ghana National Petroleum Corporation, Ghana Broadcasting Corporation, GTV Agrofie Programme, ...
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