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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.
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875 news items

Citifmonline

Citifmonline
Wed, 01 Jul 2015 11:33:38 -0700

... Ghana's Petroleum Minister, accompanied by Alexander Mould, Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation; Theophilus Ahwireng, CEO of the Petroleum Commission, and Dr Kodzo K. Alabo, Ghana's Ambassador to Russia.

Vibe Ghana

Vibe Ghana
Sat, 04 Jul 2015 07:15:00 -0700

Asante Bediatuo was speaking on behalf of the New Patriotic Party (NPP) flagbearer on a Judgment Debt commission report that has accused him and the Kufuor Administration of causing financial loss in the sale of a Ghana National Petroleum Corporation ...
 
Washington Times
Sat, 27 Jun 2015 01:15:18 -0700

A report released this month said the GFA must explain how it spent $1.5 million from FIFA and another $2 million from the state-run Ghana National Petroleum Corporation. Also, GFA President Kwesi Nyantakyi, a senior African soccer executive, should ...

Citifmonline

Citifmonline
Thu, 02 Jul 2015 23:16:37 -0700

Member of Parliament for Adansi Asokwa, K. T. Hammond has described a leaked report of the Judgment Debt Commission as “bogus” and “fake.” According to him, findings presented in the report could not have been from the Sole Commissioner, Justice ...
 
BusinessGhana
Thu, 02 Jul 2015 10:26:15 -0700

Mr Asare emphasised that GSTS had no contract with SOPLC or Ghana National Petroleum Corporation (GNPC) to sell and/or buy Ghana's crude oil. "It is therefore completely false that GSTS had agreed to the arrangement of any letters of credit before the ...

GhanaWeb

GhanaWeb
Tue, 30 Jun 2015 05:33:45 -0700

Of this amount US$410.44million was proceeds of the four liftings undertaken by the Ghana National Petroleum Corporation. The additional US$152.04million was in respect of corporate income tax, royalties and surface rentals. Distributions made in the ...

GhanaWeb

GhanaWeb
Mon, 29 Jun 2015 22:48:45 -0700

It said Mr Buah was accompanied by the Ambassador of Ghana to the Russian Federation, Dr Kodzo K. Alabo, and the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Mr Alexander Mould. Other members of the delegation were ...

Citifmonline

Citifmonline
Sat, 20 Jun 2015 23:22:30 -0700

Mr Avoka was the leader of a Ghanaian delegation made up of the Committee, the Petroleum Ministry, Ghana National Petroleum Corporation (GNPC) and the media. He said the Committee planned to study the information collected so far and hold a forum ...
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