GNPC Archives - Page 2 of 2

08 Mar

GNPC CEO Was Duly Approved By Public Services Commission – Board Of Directors

wontumionlineBusinessGhana National Petroleum Corporation, GNPC

The Board of Directors of the Ghana National Petroleum Corporation (GNPC) has debunked a report suggesting that its newly appointed Chief Executive Officer (CEO) has been denied the position. Mr. Opoku-Ahweneeh Danquah has been acting in the said capacity since April 2022 when Dr. K.K. Sarpong exited the office— until his appointment and vetting by the Public Services Commission to confirm him as the substantive CEO of the state-owned company. According to a Modernghana.com publication, Mr Danquah allegedly failed to prove his competence to the vetting committee for the office he hoped to occupy, for which reason the PSC could…

09 Feb

Ghana Gets $8.7Bn As Revenue From Crude Exports Since 2011

wontumionlineBusinessABFA, GNPC, GSF

Ghana secured $8.7 billion in total revenue since it started exporting crude oil in April 2011 from its oil fields. This was captured in Ghana’s Petroleum Oil Accounts at the Federal Reserve Bank of New York. The revenue came from, oil liftings, corporate taxes and other incomes. Details of the Accounts The account details showed that oil liftings from April 2011 to December 2022 was $7 billion. In all, $1.4 billion was advanced to the Ghana National Petroleum Corporation (GNPC) as equity financing cost. Also, $1.1 billion went to the GNPC to deal with capital investments. The Annual Budget Funding…

21 Dec

GNPC Foundation Hands Over New Resource Centre At Kpando

wontumionlineBusinessGNPC

The Ghana National Petroleum Corporation (GNPC), through its Foundation, has completed and handed over a newly constructed Community Resource Centre to the chiefs and people of Kpando in the Volta Region. At a brief ceremony to conduct final inspections and handling over of the facility was honoured with the presence of the chiefs and elders of the Akpini Traditional Area who also represented the Paramount Chief, Okpekpewoekpe Akpinifia Dagadu IX. They included Togbui Dake IV, Tsakpe Deveme, Togbui Amanu V, Tsakpe Avedza, and Togbui Kendra VIII, Kpando Dzoanti. The others were Fiator Anosigbe, Bisiaku Paramount Clan and TA Akwensy – Secretary to…

17 Nov

PIAC, GNPC To Appear Before Parliament’s Ad Hoc Committee

wontumionlineBusinessGNPC, PIAC, Sam Okudzeto Ablakwa

A member of the ad hoc committee, Sam Okudzeto Ablakwa, has revealed that the Public Interest Accountability Committee (PIAC) and the Ghana National Petroleum Corporation (GNPC) will appear before the committee of Parliament probing allegations in a censure motion against the Finance Minister, Ken Ofori-Atta, on Thursday, November 17, 2022. In a Facebook post, the North Tongu MP, Samuel Okudzeto Ablakwa, shared “the Ken Ofori-Atta Vote of Censure Parliamentary Committee resumes public hearings tomorrow at 11am. We expect PIAC and GNPC to appear before us.” The ad hoc committee has commenced a public hearing on the motion of censure against Ken…

29 Sep

10 IOCs Owe Ghana $2.77m Rental Fee Arrears

wontumionlineBusinessGNPC, IOC's, PIAC

A total of 10 International Oil Companies (IOCs) owe Ghana surface rental fee arrears of $2.77million, the 2022 semi-annual Public Interest and Accountability Committee (PIAC) report, has revealed. Of the outstanding debt, $1.7 million, representing 62.30 per cent, is owed by four companies whose Petroleum Agreements (PAs) were terminated by the Petroleum Commission, in 2021, for non-performance. Apart from operators of the Sahara Energy Fields Ghana Limited, which has made part payment of $71,934m during the period under review, the three others – Swiss African Oil Company Limited, UB Resources and Brittania U have not shown commitment to pay their debt. The…

29 Sep

$100.74 Million Accrued From Oil Lifted By JOHL Not Paid Into PHF – PIAC

wontumionlineBusinessGNPC, PIAC

An amount of $100.74 million accrued from oil lifted by Jubilee Oil Holdings Limited (JOHL), a subsidiary of the Ghana National Petroleum Corporation (GNPC) was not paid into the Petroleum Holding Fund (PHF) as required by law. Section 7 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815) provides that all revenues due from the direct or indirect participation of the country in petroleum operations, including the carried and additional participating interests should be paid into the PHF. However, according to the Public Interest and Accountability Committee (PIAC), proceeds made by JOHL through its first lifting (944,164bbls) on the…

27 Sep

Saltpond Oil Fields Decommissioning Project: Foreign Vessels Arrive To Begin Project

wontumionlineNewsGNPC, Saltpond, Saltpond oil

The country’s first ever oil field infrastructure decommissioning works has begun at the Saltpond Oil Field at Hini near Saltpond in the Central Region. The decommissioning vessels arrived in the country in the early hours of last Thursday from Lagos and got to Saltpond last Saturday to start the decommissioning exercise and shut its wells permanently. This is because the oil field, also known as Mr Louie, has outlived its economic life, according to the Ghana National Petroleum Commission, (GNPC). Ghanaian contractor The decommissioning contract is being undertaken by a wholly owned Ghanaian company, Hans and Co. Oil and Gas…