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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 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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831 news items

 
Reuters
Tue, 27 Jan 2015 21:03:45 -0800

GHANA PETROLEUM EXPLORATION Ghana National Petroleum Corporation (GNPC) is assessing the commercial potential of a new gas discovery made in partnership with Italian energy group Eni and oil trader Vitol , GNPC chief executive Alex Mould said ...

Offshore Technology

Reuters
Tue, 27 Jan 2015 05:21:17 -0800

(Adds exploration to continue). By Kwasi Kpodo. PEDUASE, Ghana Jan 27 (Reuters) - Ghana National Petroleum Corporation (GNPC) is assessing the commercial potential of a new gas discovery made in partnership with Italian energy group Eni and oil ...

Citifmonline

Citifmonline
Tue, 27 Jan 2015 16:00:00 -0800

The ceremony which took place at the Peduase Lodge at Aburi was attended by officials of the OCTP partners, ENI and VITOL, the Ghana National Petroleum Corporation (GNPC), officials of the Ministries of Energy and Finance , Financial Institutions and ...

GhanaWeb

GhanaWeb
Tue, 27 Jan 2015 01:22:30 -0800

The sealing of the contract comes after a government negotiating team made up of officials of the Ministry of Energy & Petroleum, Ministry of Finance, the Ghana National Petroleum Corporation (GNPC) and ENI Exploration, operators of the offshore Cape ...
 
StarAfrica.com
Tue, 27 Jan 2015 12:03:45 -0800

The Chief Executive Officer of Ghana National Petroleum Corporation (GNPC), Alex Mould, signed the other agreement according to the state broadcaster while the President and Chief Executive Officer of Vitol, Ian Taylor initialed for his company. Ghana ...
 
Reuters Africa
Tue, 27 Jan 2015 05:18:45 -0800

PEDUASE, Ghana Jan 27 (Reuters) - Oil and gas exploration off the coast of Ghana will continue despite a slump in the global oil price because project costs have been well managed, Alex Mould, chief executive of the Ghana National Petroleum Corporation ...
 
GhanaWeb
Mon, 26 Jan 2015 10:45:00 -0800

The report also showed that Government, through the Ghana National Petroleum Corporation (GNPC), sold a barrel of crude oil for as high as 110 dollars and as low as 105 dollars a barrel from January to June 2014. Even when crude oil price was dropping ...

Citifmonline

Citifmonline
Fri, 23 Jan 2015 13:22:30 -0800

This was after a government negotiating team made up of officials of the Ministry of Energy & Petroleum, Ministry of Finance, the Ghana National Petroleum Corporation (GNPC) and ENI Exploration, operators of the offshore Cape Three Points (OCTP) block ...
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