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Ghana National Petroleum Corporation

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Ghana National Petroleum Corporation
IndustryOil and gas industry
Founded1983 (1983)
Headquarters
Tema, Greater Accra
,
Ghana
Key people
Alex Mould (2013-2016), K.K Sarpong(2017-2022), O.A Danquah[1](2022-present)
OwnerGovernment of Ghana
Websitewww.gnpcghana.com

The Ghana National Petroleum Corporation (GNPC) is a state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in Ghana.[2]

History

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GNPC is Ghana's National Oil Company (NOC) which was established in 1983 to replace the Petroleum Department which was an agency under the Ministry of Fuel and power.[3][4][5][6] 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. And also to help in reducing the country's dependence on crude oil imports, through the development of the country's own petroleum resources.[1]

Board Members

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  • Freddie Blay

Board Chairman

  • Opoku-Ahweneeh Danquah

Ag. Chief Executive

  • Yoo Naa Andani Yakubu Abdulai V

Board Member

  • Kwabena Kwakye

Board Member

  • Nana Ogye Ahohoo Yaw Gyebi II

Board Member

  • Madam Ama Gyamfuah Abrefa

Board Member

  • Yaw Kyei

Board Member[citation needed]

Management Team

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  • Opoku-Ahweneeh Danquah

Ag. Chief Executive Officer

  • Joseph Dadzie

DCE, Commerce, Strategy and Business Development

  • Benjamin Acolatse

DCE, Finance and Administration

  • Victor Sunu-Attah

GM, Engineering

  • Cherrison Eleazer Shooter

GM, Finance & Accounting

  • Alex Prempeh Kwarteng

GM, Projects

Alex Prempeh Kwarteng GM, Projects

  • Adwoa Afriyie Wiafe

GM, Legal & Compliance

  • Anthony Kobina Ampofo

GM, Commerce

  • Dominic Kwesi Eduah

Executive Director, GNPC Foundation.[citation needed]

Mandate

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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

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Promoting petroleum exploration efforts is one of the corporation's duties. The institution also appraises existing petroleum discoveries, and to ensure that Ghana benefits the most from the development of the country's petroleum resources. The corporation promotes the training of Ghanaians in petroleum-related activities and ensures environmental protection in all petroleum-related activities.[7]

Jubilee fields

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Jubilee Oil Field of the Ghana National Petroleum Corporation (GNPC) and National Petroleum Authority located off the coast of the Western Region in Ghana in the South Atlantic Ocean.

The corporation announced in 2007 that the Petroleum Agreement signed in 2004 had yielded in the discovery of oil in commercial quantities.[8] 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.[9] 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.[10]

See also

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References

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  1. ^ Okyere, Gertrude (22 April 2022). "Opoku-Ahweneeh Danquah is new GNPC CEO". Adomonline.com. Retrieved 25 October 2022.
  2. ^ a b "About GNPC". gnpcghana.com. Archived from the original on 1 December 2011. Retrieved 4 June 2011.
  3. ^ Yire, Iddi (31 December 2017). "GNPC wins two awards". Ghana News Agency. Archived from the original on 22 May 2018. Retrieved 21 May 2018. GNPC was established in 1983 under the Ghana National Petroleum Corporation (GNPC) Law 1983, PNDC Law 64 and started operations in 1985.
  4. ^ "Ghana National Petroleum Corporation (GNPC)". State Enterprises Commission – Ghana. Archived from the original on 12 May 2018. Retrieved 21 May 2018. Prior to the establishment of GNPC in 1983
  5. ^ Aryeetey, M. (9 November 2016). "Introduction to Ghana's Oil Industry: History and Future Trends". {{cite journal}}: Cite journal requires |journal= (help)
  6. ^ "Brief History | Ministry of Energy". www.energymin.gov.gh. Retrieved 1 July 2023.
  7. ^ "About Us". GNPC. Archived from the original on 27 November 2020. Retrieved 18 July 2020.
  8. ^ "SIGNIFICANT OIL DISCOVERY IN GHANA". gnpcghana.com. Archived from the original on 25 March 2012. Retrieved 5 June 2011.
  9. ^ "GNPC confirms 10% initial interest in newly found oil in Ghana". ghanabusinessnews.com. Archived from the original on 2 June 2011. Retrieved 5 June 2011.
  10. ^ "GNPC Lifts 994,691 Barrels of Crude Oil". ghanaoilonline.org. Archived from the original on 17 August 2011. Retrieved 5 June 2011.
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