GNPC Archives - Wontumi Online

26 Sep

Parliament Sits On GNPC’s US$620m LITASCO Facility

wontumionlineBusinessDr Matthew Opoku Prempeh, GNPC

The Ministry of Energy has disclosed that the proposed US$620million Ghana National Petroleum Corporation loan from Lukoil International Trading and Supply Company (LITASCO) SA will be laid before parliament for approval next month. According to the ministry, the GNPC is seeking the funds and has so far obtained board approval, upon which the sector ministry and the Ministry of Finance issued a ‘no objection’ and gave their go-ahead – in line with directives of the Public Financial Management Act (PFMA). The request, a statement from the ministry added, will be presented to the lawmaking body in mid-October when parliament reconvenes.…

25 Aug

Transfer JOHL Shares To GNPC Explorco – Parliament Orders

wontumionlineBusinessGNPC

Parliament has directed the Ghana National Petroleum Corporation (GNPC) to take immediate steps to transfer its shares in the offshore company Jubilee Oil Holding Limited (JOHL) to its subsidiary company GNPC Explorco. This development follows mounting concerns raised by several key stakeholders, including the Public Interest and Accountability Committee (PIAC) as well as civil society groups working on extractives, anti-corruption, and good governance on JOHL’s operations. JOHL, the offshore registered company in the Cayman Islands, was acquired by GNPC through over US$164million ‘share purchase agreement’ between Ghana and Anadarko WCTP Company in 2021, when the latter announced plans to offload…

03 Jul

GNPC, VRA And Other SOEs Owe $2.4 Billion – Deputy Energy Minister

wontumionlineNewsGNPC, VRA, William Owuraku Aidoo

Deputy Minister for Energy, William Owuraku Aidoo has revealed that Bulk Oil Storage And Transportation Co Ltd (BOST), Volta River Authority (VRA), Tema Oil Refinery (TOR), Northern Electricity Distribution Company (NEDCO), Ghana Grid Company Limited – (GRIDCo), Ghana National Petroleum Corporation (GNPC) and the Bui Power Authority owe their creditors $2.4 billion dollars. According to the deputy minister, Deloitte publication in May 2023 indicates that as of December 2021, these State-Owned Enterprises owed their creditors who are mainly stakeholders, SOEs IPPs and fuel Suppliers in the power supply value Chain. The minister made this revelation on the floor of Parliament…

08 Jun

GNPC Commences Oil Exploration In Northern, Savannah Regions

wontumionlineBusinessGhana National Petroleum Corporation, GNPC

The Ghana National Petroleum Corporation (GNPC) has commenced exploring for potential hydrocarbons in the Northern and Savannah Regions, in what could be the country’s first onshore production. The Voltaian Basin, which is believed to hold substantial hydrocarbon resources, spans about 460 communities in 13 metropolitan, municipal and district assemblies (MMDAs), with 10 of these communities in the Northern Region and three others located in the Savannah Region. As part of its exploration efforts, GNPC said it has acquired and processed over 3,800-Iine km of 2D seismic data from phase 1 to 3 of the project. The project is expected to…

26 May

Review 40 Year-Old GNPC Law – PIAC Advocates

wontumionlineBusinessGNPC

The Public Interest and Accountability Committee (PIAC) has sounded a clarion call for government to initiate processes to review the 40 year-old Ghana National Petroleum Corporation (GNPC) to make the company’s operations more effective. The statutory body with an oversight role over the use of petroleum revenue argued that the 40 year-old GNPC Act, 1993 (PNDCL 64) came into being when the nation was yet to discover and produce petroleum resources such as gas and oil; and as such gave the corporation some discretionary powers to embark on certain activities that are alien to global best practices of national oil…

26 May

I Have No Intention Selling GNPC Oil Stake To Petrosa – Freddie Blay Threatens To Sue CSOs

wontumionlineNewsFreddie Blay, GNPC, GNPC-PetroSA deal, PetroSA

The allegations surrounding the supposed "surreptitious," "clandestine," and "scandalous" sale of the "so-called" Ghana National Petroleum (GNPC) shares are "unequivocally false", Board Chair Freddie Blay has said in an official statement. According to him, "there is no intention by GNPC or me, as its Chairman, to divest 7% shareholding in JOHL nor has there been any claim by PetroSA to acquire shareholding interests in JOHL". He said "such claims can only stem from an uninformed and malevolent mind". A few days ago, some 29 civil society organisations in the extractive industry said Mr Blay and the state oil company’s acting…

24 May

GNPC-PetroSA Deal: 29 CSOs Call For Immediate Dismissal Of GNPC Board Chair, CEO

wontumionlineBusinessFreddie Blay, GNPC, PetroSA

A group of 29 CSOs on Extractive Governance are calling for the immediate dismissal of the GNPC Board Chairman, Freddie Blay and Chief Executive Officer of the Corporation, Opoku Ahweneeh Danquah. The calls come on the back of recent reports and documents indicating GNPC’s intention to sell 50% stake in Jubilee Holdings Limited (JOHL) in a deal with a South African oil company, PetroSA despite significant revenue potential this interest holds for the state. Coordinator for the Economic Governance Platform, Abdul Karim Mohammed speaking at a press briefing on May 23, 2023 noted that the persistent involvement of such persons associated with…

23 May

PetroSa Deal Is Not In The Interest Of Ghana – NAPO Tells Freddie Blay, GNPC

wontumionlineBusinessDr Matthew Opoku Prempeh, Freddie Blay, GNPC, PetroSA

The Minister for Energy, Dr. Matthew Opoku Prempeh, alias NAPO, has called out the Board Chairman of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, over the PetroSA deal, which seeks to offload some of Ghana's oil interests to the South African National Company (PetroSA). According to The Chronicle newspaper, NAPO, in a letter to Freddie Blay, which it sighted, accused the former New Patriotic Party (NPP) chairman of pushing for the deal despite a government directive for it to cease. The energy minister, who is also the member of parliament for Manhyia South, told Blay that it is scandalous for him to…

30 Apr

Africa Must Define Unique Path In Energy Transition Agenda – GNPC CEO

wontumionlineBusinessGNPC

The Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation, O-A Danquah, has advocated Africa to leverage the advancements in technology, to strike a healthy balance in exploiting its fossil energy resources while pursuing the opportunities presented by the global energy transition. Addressing the subject of Africa’s position on the global goal towards renewable energy at the 2023 Africa Development Conference at Harvard University, Mr. O-A Danquah, said that while there remains a systematic shift to embrace renewable energy, it was important that the movement is not seen as an imposition on Africa to, particularly, end the use of…

21 Apr

GNPC’S Expenditure Increased By 200% In 2022 – PIAC

wontumionlineBusinessGhana National Petroleum Commission, GNPC, PIAC

A significant increase was witnessed in the expenditure of the Ghana National Petroleum Commission’s expenditure in 2022. According to the 2022 annual report of the Public Interest and Accountability Committee, GNPC’s expenditure on various line items, mainly administrative expenditure and GNPC’s capital projects, witnessed significant increases by more than 200 percent. The report noted that in 2022, GNPC received an amount of US$38,835,537.56 as gas commodity revenue from the Cash Waterfall Mechanism (CWM) which constitutes petroleum revenue. “This amount was not paid into the PHF,” PIAC noted. PIAC also raised concerns about GNPC’s funding of projects that are supposed to…