News Guide Africa

Tag: Ghana National Petroleum Corporation (GNPC)

  • In Conversation With… Paul Sinclair & Emeafa Hardcastle

    In Conversation With… Paul Sinclair & Emeafa Hardcastle

    INTERVIEW 1: DATA, SEISMIC DATA & THE NEW ERA OF AFRICAN UPSTREAM ACCESS

    Paul Sinclair:

    Emeafa, I want to start with something quite fundamental. When you look at where Ghana’s upstream sector is today, it feels like there has been a real focus recently on exploration, and new projects, with emphasis on quality data. Ghana currently has good quality multi-client proprietary seismic datasets in the offshore and onshore basins. From your perspective, what has really changed?

    Emeafa Hardcastle:

    First and foremost, Paul thanks for this opportunity and yes, you’re right, a lot has changed. Ghana’s upstream oil and gas industry continues to evolve and have a potential to grow at a steady and promising rate, rife with opportunities and certainly some challenges for the country and investors. The prospects are based on the perspective that seismic data is the gateway to long term success.

    E&P Investors require quality and extensive data coverage for exploration.

    Availability of petroleum data tends to reduce the exploration duration and geological risk and act as catalyst for investment attraction.

    The Commission’s assessment indicates that we need an investment outlay of over US$200M to bridge the data gaps in Ghana’s offshore sedimentary basin. We are pursuing various models of funding the data acquisition which include full funding by the State, Public Private Partnership and Private-led with State support e.g. Multiclient to support the acceleration of exploration activities by new E&P Contractors. The Government, through the Petroleum Commission, has approved the acquisition of Multi-client 3D Seismic data acquisition for; Tano Cape Three Points Basin: (12,000 sq.km), Accra-Keta Basin: (13,900 sq.km ) and Saltpond Basin (10,000 sq.km). These projects are expected to make seismic data readily available to E&P companies who desire to explore Ghana’s sedimentary basins for hydrocarbon. Also, GNPC has completed the phase 3 of its 2D seismic acquisition programme over the Voltaian Basin with an infill campaign of additional 1655 line kilometer (Km) of 2D seismic lines.

    We now have extensive 2D and 3D seismic coverage across our basins, including datasets from providers such as TGS and TG-GeoPartners. That coverage has given us a far more detailed understanding of our offshore potential, and it enables us to talk confidently to operators about geological prospects.

    However, I would like to emphasise that quality data alone is not the end point. Data is only powerful if it is accessible, interpretable, and actively used in decision-making. That is exactly why we focus our strategy on investment attraction driven by data.

    Paul Sinclair:

    That’s interesting because it sounds like you’re talking about a shift towards more bullish marketing via quality data, would you agree that’s where AOW:Energy comes in, and how do you view September as an opportunity to attract more market entrants?

    Emeafa Hardcastle:

    I would agree on that Paul, we will lean on AOW and other events to use our improved datasets to showcase Ghana’s geological prospects and promote investment into the sector. At AOW Energy in September, the Commission and its partners will host “free to all’Data Rooms access and meet with investors to discuss the subsurface in more detail highlighting new products and new insights.

    So, when companies come to AOW Energy we have made a point that they are not just attending a conference, but network with relevant stakeholders to review the available data to make informed business decision. I think that’s what makes AOW different. It is not a talk shop; we have been very intentional that AOW Energy in Ghana becomes a platform where one leave with new insights and business opportunities.

    Paul Sinclair:

    Talking of opportunity, let me ask you about one of the areas that’s been gaining attention recently, the Accra-Keta and Voltaian Basins. We’re seeing more seismic work being undertaken, and early indications are encouraging. As the regulator how are you viewing trend?

    Emeafa Hardcastle:

    Paul, we view the frontier basins to provide future opportunities with enormous resource potential. The Accra-Keta Basin is still underexplored compared to Tano-Cape Three Points Basins, but the geological indicators we are seeing are encouraging. The geoscientific data suggests potential commercial opportunities that align with known productive analogues elsewhere in West Africa.

    The Voltaian Basin is transitioning decisively from conceptual evaluation into active exploration. Currently, five companies hold licences, reflecting growing industry confidence and commitment. Current efforts are focused on systematically de‑risking the Voltaian Basin through the integration and evaluation of various datasets and preparation to drill exploration well.

    Then again, this is where AOW:Energy becomes extremely important. Because at AOW, we will be hosting dedicated basin sessions and data rooms focused specifically on acreage, where E&P companies can engage directly with the Petroleum Commission and its technical teams.

    So rather than conversations happening in isolation, everything is brought into one structured environment where progress can really be made.

    Paul Sinclair:

    I totally agree and that is an important key point, the idea of bringing everything together in one place, regarding both above and below ground issues.

    From your perspective Emeafa, what’s you view on the Ocean Bottom Node surveys over Jubilee and TEN. That is a big step in terms of subsurface clarity. How do you see that impacting production?

    Emeafa Hardcastle:

    This represents a significant milestone in how we understand the subsurface across the two fields. As you know, this Ocean Bottom Node (OBN) survey is the first of its kind in Ghana. OBN technology is increasingly proving to be a reliable tool for advanced subsurface imaging. For example, Total Energies has successfully applied it to enhance reservoir characterization in the Louro and Mastarda fields in Angola, with clear and measurable results.

    The Tullow and Partners OBN surveys follows a 4D streamer survey acquired in Q1 2025, and we are encouraged by the initial outcomes observed so far.

    OBN surveys require significant investment, therefore, this commitment by the Jubilee and TEN partners underscores their strong confidence in Ghana’s subsurface potential and the long-term value of these assets.

    But what’s also important is how we integrate this into the broader upstream conversation.

    At AOW Energy, we will be creating time for operators, service companies, and investors to engage directly through technical sessions and structured meetings hosted by the Petroleum Commission and our partners to ensure we maximise AOW Energy and deliver outputs and positive outcomes for Ghana.

    Paul Sinclair:

    It feels like there’s a broader narrative here, which is that Ghana is not just trying to attract exploration, but also optimise what it already has, while opening new frontiers.

    Would you say that’s a fair reflection?

    Emeafa Hardcastle:

    Yes, absolutely. That dual approach is very deliberate. We need to decisively accelerate exploration and field development operations to unlock additional resources, recognising that timely execution is essential in an increasingly competitive global energy landscape. That said, building reserves and advancing further exploration are key to achieving greater success, so we must pursue these in parallel.

    We are focused on three things at the same time, improving production from active fields, unlocking new offshore exploration opportunities, and developing frontier basins like the Accra- Keta, Saltpond and onshore Voltaian basins.

    And we are doing this in a coordinated way with our partners, operators, service companies, and investors alike, it is an ecosystem and we are here to continue to build partnership, trust, accelerate decision making and of course equitable growth.

    There is an intense sense of alignment right now. People are working together more closely, and there is a shared understanding that we want to see results for the greater good.

    That is why I keep coming back to AOW Energy. Because it is the platform where that alignment becomes visible, and where governments and industry sit in the same room and move things forward.

    Paul Sinclair:

    And would you say now the mood has shifted compared to a few years ago? What has changed where both Ghana and the West African sub region have exploded into life again.

    Emeafa Hardcastle:

    Yes, I would. There is a more positive and pragmatic mood. I say that not just about what we are looking to achieve in Ghana, I really feel that whilst we have boosted our relationships with the private sector, and we are instilling more and more confidence to attract investment, West Africa is seeing a boom in activities with huge interest in the West African Transform Margin. Countries such as Nigeria have done an incredible job in creating enabling environments, Cote d`Ivoire has seen amazing growth and new markets such as Liberia and Guinea Bissau are also attracting attention. For me this is a good thing, its reinforcing the potential of Africa in a new market dynamic and attracting operators to the sub region.

    There is a real sense of momentum building, and I think that will become more visible over the next 12 to 18 months. We expect increased exploration activity, more investment, more discoveries, and new Petroleum Agreements being signed.

    For more information on Ghana’s upstream oil and gas opportunities, including access to data rooms, technical sessions, licensing rounds, and investment meetings with the Petroleum Commission of Ghana and GNPC, contact the AOW Energy team now.

    AOW Energy 2026, held in partnership with the Government of Ghana and leading African energy institutions, is the premier platform for upstream deal-making in Africa, bringing together operators, investors, and over 30 African governments to unlock exploration, production, and partnership opportunities across the continent.

     

    INTERVIEW 2 : VOLTAIAN BASIN, ONSHORE FRONTIERS & BUILDING A NEW ENERGY PROVINCE

    Paul Sinclair:

    Following our last meeting about the Sub Region and the outlook of exploration and production, I wanted to move onshore. The Voltaian Basin is enormous, over 100,000 square kilometres. It’s one of Africa’s least explored basins but the opportunity is proving to be unprecedented. When you look at it today, what stands out to you?

    Emeafa Hardcastle:

    What stands out to me is not only the scale of the opportunity of the Voltaian Basin, but also our improved ability to properly evaluate it.

    In the past, one key challenge of the Voltaian Basin has been the presence of a working petroleum system. Critical elements such as Reservoir, Source Rock, Migration Pathways, and an effective Cap Rock have historically posed significant risks.

    Today, however, we have acquired extensive Geological and Geochemical datasets alongside over 5,000 km of 2D seismic lines, which have enabled us to substantially de-risk these elements to acceptable levels. For example, through inhouse analysis, we have noticed that soil gas data available from the geochemical surveys conducted contain significant concentrations of methane, ethane, propane, and butane. These are light hydrocarbon gases that may well be considered as confirming the existence of active oil and gas sources within the Basin.

    Moreover, the planned exploration wells by GNPC Explorco also represent a significant step toward unlocking the full potential of the basin.

    We are very excited about the prospectivity of the Voltaian Basin and its potential to change the lives of our people.

    Paul Sinclair:

    GNPC Explorco is clearly preparing for drilling activity and seeking partners. How is that process working in practice?

    Emeafa Hardcastle:

    It is very structured as GNPC Explorco is actively preparing for its drilling campaign. Also, Explorco is engaging with potential partners through farm-down opportunities.

    We are looking for companies that brings technical strength and financial capability, but also a willingness to work within a long-term partnership framework.

    Onshore exploration in Ghana is relatively nascent and requires a different approach to development, it requires drilling expertise, logistics, infrastructure planning, and strong local integration.

    We are encouraging companies with the appetite for onshore exploration and production to engage with us now, and at AOW Energy, where we can host formal data rooms, technical meetings, and investor sessions specifically for the Voltaian Basin.

    Paul Sinclair:

    So when companies come to AOW:Energy, they can sit down with PC, Explorco and the broader stakeholder groups to review the basin in detail?

    Emeafa Hardcastle:

    That is our goal, we really want to maximise AOW:Energy, we don’t have to wait until then to open discussions, but we do want to make sure the sector knows that when it comes to AOW:Energy, we will be ready technically to dive into the geology and above ground to set the scene and to move conversation to action.

    At AOW:Energy, we will have dedicated Voltaian Basin sessions where companies can engage directly with our teams, review datasets, and discuss commercial structures.

    We will also have government-led meeting programmes, which allow investors to sit directly with decision-makers and move interest to commitments. We want to make this a platform for active deal-making.

    And importantly, they are not only meeting Ghana and Ghanaian opportunity. We are proud to be hosting the regional regulators, NOCs, and government leadership in Accra. We will ensure that the event is not only good for Ghana, but we carry the opportunity to promote our region as a whole. So, by attending AOW:Energy, investors and operators are also engaging with more than 30 African governments, all of whom are bringing upstream opportunities to the event, just as we the Ghanaian government will. That is what makes it unique.

    Paul Sinclair:

    Agree, I totally agree and it’s a crucial point, you’re essentially saying this is not just a Ghana event, it’s an African upstream convergence.

    Emeafa Hardcastle:

    That’s it, and for me that is why AOW:Energy is so powerful, it’s a regional event of purpose, and we are determined to provide equitable upsides for all across the region and sector.

    Paul Sinclair:

    Let’s talk about infrastructure. Onshore basins are not just as good as the subsurface and geology, it’s also about the infrastructure, the roads, logistics, services, and local content development. How is Ghana approaching that?

    Emeafa Hardcastle:

    We are approaching it as part of a broader development strategy and one that we passionately believe will give us the advantage we need to attract investment and partners.

    The Voltaian Basin is a regional development opportunity that has the potential to stimulate economic growth in across Ghana, create jobs, and build new industrial capacity. I really think the end-to-end supply chain can develop upside, and then the natural resource development also that will contribute to economic advancement.

    So yes, infrastructure is critical, but we see it as an opportunity rather than a constraint.

    For more information on Ghana’s upstream oil and gas opportunities, including access to data rooms, technical sessions, licensing rounds, and investment meetings with the Petroleum Commission of Ghana and GNPC, contact the AOW:Energy team now.

    AOW:Energy 2026, held in partnership with the Government of Ghana and leading African energy institutions, is the premier platform for upstream deal-making in Africa, bringing together operators, investors, and over 30 African governments to unlock exploration, production, and partnership opportunities across the continent.

     

    INTERVIEW 3 : REGULATORY REFORM, INVESTMENT CLIMATE & AFRICA’S COMPETITIVE UPSTREAM FUTURE

    Paul Sinclair:

    Emeafa, let us talk about something that underpins everything we have discussed previously about geology and the rocks, and that is the regulatory environment here in Ghana. There’s been a lot of discussion in the industry about competitiveness, fiscal terms, and reform that could see Ghana take the lead as an investment choice, the rocks speak for themselves, but I sense a growing anticipation around how as a country Ghana is looking to compete via regulation, policy and fiscal terms. Where is Ghana right now in that conversation?

    Emeafa Hardcastle:

    We are in a highly active and constructive phase of review, and we know that competitive terms above ground will transform our sector. We have been blessed with amazing geology, and let’s be clear, basins are not confined to the boarders we see on a map. For investors, Ghana is an exciting place to be. I am glad this has been proven with steady increase in FDI over the years. The country has tremendous investment opportunities given its natural and human resource abundance and relatively well developed infratsructure.

    That said, we know competitive terms accelerate investment, just look at what has been achieved in Cote d`Ivoire. So, we want to make sure we give Ghana the best possible chance of success and that lies in developing enabling and competitive frameworks for the above ground, and I believe we can achieve this sooner rather than later.

    We recognise that the global upstream environment is highly competitive. Capital is mobile and seeks the best returns, and investors have many options across Africa and beyond, so we need to make sure we compete at the best level possible without compromising the value we retain in Ghana for our people. Beyond improving fiscal attractiveness, the key to investment attraction is regulatory predictability, certainty and respect of sanctity of

    Let me reiterate that message I began with this interview, Ghana is an exciting destination for petroleum and other investments. It is possible to invest securely and profitably for the long term.

    AOW:Energy will surely provide us a real opportunity for E&P companies to show to the world that their investments in Ghana are good for themselves, good for the country, and good for the people.

    So, our focus is ensuring that Ghana remains attractive, while also ensuring that we protect national value and deliver benefits to our people. That balance is especially important to us.

    Paul Sinclair:

    And how do you achieve that balance in practice?

    Emeafa Hardcastle:

    Through pragmatism and engagement, through understanding market drivers and analysis of how we achieve the best results for Ghana while attracting as much investment as possible. We are working closely with industry to ensure that our regulatory and fiscal frameworks support investment while maintaining fairness. It is about balance.

    Ghana has demonstrated over the years that, it is possible to invest securely and profitably for the long term in this country. Investors just have to follow common sense principles in investment -: Align Investments with the Country’s Development Priorities; Practice Transparency; Add Value to the Country and its People; Pay What is Due to the State and Do What is Right; and Engage with Local Communities.

    With AOW:Energies: There is a real opportunity for Investors to show to the world that their investments in Ghana are good for their Shareholders, and good for the country.

    We want more exploration, more production, and more partnerships. And we believe that is achievable through a well-calibrated framework.

    Paul Sinclair:

    There is a lot of speculation in the market that Ghana is moving toward more competitive fiscal terms. Is that fair?

    Emeafa Hardcastle:

    What I would say is that we are always reviewing how to remain competitive, we will always be making recommendations, and our government is not shy in making the right decisions to advance prosperity for our citizens. Our focus is on rewarding investors that take risks in deeper and ultra deeper water and the frontier basins. We are also minimizing front load payments and simplify computation of key fiscal elements to bring certainty in contractor’s obligation. We hope to make our upstream as competitive as possible and we will be working to achieve this in the shortest possible period.

    Our objective is not just to attract investment, obviously that is key, but to do so with sustainability and responsible terms. We want to attract sustainable investment that leads to long-term development.

    We are confident in the direction we are taking our sector; we hope to be able to communicate more positive news to the markets to help shape the best operating environment possible for our partners. We believe this action and sentiment will result in increased activity across the upstream sector.

    Paul Sinclair:

    And how does AOW:Energy fit into this broader reform and engagement process?

    Emeafa Hardcastle:

    AOW:Energy is central to it to be honest, bringing AOW:Energy to Ghana now was the perfect moment. West Africa is seeing a boom in interest, and our government is deeply committed to deriving as much value from the global community being here.

    At AOW:Energy 2026, we will host structured meeting programmes, data rooms, and technical engagement sessions led by the Petroleum Commission and our government partners. AOW:Energy affords us an opportunity not only to show to the world, our geological prospects, but also demonstrate how peaceful Ghana is, our unique and friendly hospitality and other remarkable investment opportunities especially in the mining sector.

    That is why AOW:Energy is so important. It is the largest niche upstream convening in the world for deal-making and investment.

    And we believe 2026 will bring even greater clarity, opportunity, and momentum across Ghana and Africa.

    For more information on Ghana’s upstream oil and gas opportunities, including access to data rooms, technical sessions, licensing rounds, and investment meetings with the Petroleum Commission of Ghana and GNPC, contact the AOW:Energy team now.

    AOW:Energy 2026, held in partnership with the Government of Ghana and leading African energy institutions, is the premier platform for upstream deal-making in Africa, bringing together operators, investors, and over 30 African governments to unlock exploration, production, and partnership opportunities across the continent.

    This is where Africa’s upstream deals begin.

    Contact: AOW:Energy : paul.sinclair@aowenergy.com

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Eni Ghana and Partners launch program to support artisanal canoe fisherfolk

    Eni Ghana and Partners launch program to support artisanal canoe fisherfolk

    Eni Ghana, together with its OCTP partners Vitol Upstream Ghana Ltd (Vitol) and the Ghana National Petroleum Corporation (GNPC) has launched today a livelihood enhancement program to strengthen artisanal canoe fishing, targeting over 1,000 verified canoe owners across 14 coastal districts and municipal assemblies in Ghana.

     

    These include Jomoro, Ellembelle, Nzema East, Ahanta West, Sekondi-Takoradi, Shama, Effutu, Gomoa East, Gomoa West, Mfantseman, Cape Coast, Abura-Asebu-Kwamankese, Komenda-Edina-Abrem and Ekumfi.

     

    The intervention seeks to enhance employment opportunities and increase local fish supply, in alignment with Eni’s commitment to sustainable development, as well as to the IFC Environmental and Social Performance Standards and Ghana’s Petroleum Regulations related to Local Content and Local Participation.

     

    Maurizio Pinna, Managing Director of Eni Ghana, said: “This program aims to strengthen canoe-based fishing by supplying modern nets and equipment, while enhancing safety at sea. Through this initiative, we are committed to reinforce awareness on marine biodiversity conservation and provide training in sustainable fishing practices, safety and business management.”

     

    The initiative addresses key challenges faced by fisherfolk, including aging nets, obsolete engines and unsafe towing equipment; factors that constrain productivity and income in communities where fishing remains a primary livelihood. Support will be tailored to the specific fishing practices and socio-economic conditions of each community, and equipment will also be provided, such as multifilament nets, weaving threads, buoys, lead weights and dragging ropes that meet Ghana Maritime Authority safety standards.

     

    Eni has been present in Ghana since 2009 with offshore hydrocarbon exploration and production activities, with an equity production of about 40,000 barrels of oil equivalent per day. The company is the operator of the OCTP project with a 44.4% share in partnership with Vitol (35.6%) and Ghana National Petroleum Corporation (20%). The joint venture’s portfolio of projects also includes initiatives in the areas of training, economic diversification, access to water and sanitation and access to energy.

  • Government’s Springfield takeover: ACEP raises alarm over ‘discredited data’ …calls for transparency

    Government’s Springfield takeover: ACEP raises alarm over ‘discredited data’ …calls for transparency

    As Government of Ghana has begun with process of taking over Springfield Exploration and Production’s Afina-1x oil well in the West Cape Three Points Block 2, through the Ghana National Petroleum Corporation (GNPC), there is a heightened debate among stakeholders as the well is characterised as one of the country’s most contentious undeveloped oil fields.

    According to an official statement from the Ministry of Energy and Green Transition, the Ghana National Petroleum Corporation (GNPC), together with its upstream subsidiary GNPC Explorco, is in constructive discussions with Springfield as part of a strategy to safeguard petroleum assets and prevent economically viable reserves from remaining stranded.

    The move, aimed at boosting national oil production, which has been declining in recent years, is being contested by energy sector players. The Africa Centre for Energy Policy (ACEP) has expressed concerns over the potential acquisition, arguing it’s a bad move for Ghana’s financial interests.

    ACEP’s Executive Director, Ben Boakye, suggests the government should focus on enforcing contractual obligations rather than spending public funds on non-performing assets ¹.

    Key Concerns:

    ACEP emphasizes that the government should reclaim the oil block instead of purchasing it, citing Springfield’s failure to meet contractual obligations, noting that the acquisition could divert scarce public resources from more pressing needs, given Ghana’s economic hardship and poverty levels.

    However, the government argues that the takeover is necessary to prevent valuable resources from remaining idle due to prolonged commercial or operational bottlenecks. Ghana’s crude oil production has been on a decline, dropping from over 200,000 barrels per day in 2019 to around 150,000 barrels per day currently.

    Apparently, ACEP’s Executive Director, Ben Boakye, argues that the WCTP2 asset already belongs to the state and should be reclaimed, rather than purchased.

    He further criticized ongoing negotiations between GNPC, its upstream subsidiary Explorco, and Springfield, describing efforts to predetermine a valuation of up to US$1.1 billion as unreliable and based on “discredited data.”

    Ben Boakye in a social media post warned that the government cannot continue financing non-performing oil assets at a time when economic hardship and poverty levels are rising.

    His comments come as the government confirms it has begun formal processes for a possible state-led takeover of the Afina field – one of Ghana’s most contentious undeveloped oil discoveries.

    Government’s Response

    The government has initiated a procurement process to hire an independent Technical Consultant and Transactional Advisor to ensure transparency and technical rigor. The advisors will conduct a comprehensive technical evaluation of the WCTP2 block, audit past expenditures, and provide an independent valuation of Springfield’s interest.

    The mandate of the consultant and advisor includes coming up with a comprehensive technical evaluation of the WCTP2 block, a full audit and verification of past expenditure, as well as a financial and commercial due diligence report

    In addition, they are to carry out an independent valuation of Springfield’s interest.

    These independent assessments, according to the government, are to ensure a fair and commercially sound basis for any potential takeover.

    The government’s plan includes repositioning the asset for faster development, potentially in partnership with experienced deep water operators.

    “This approach ensures that all decisions are evidence-based, commercially prudent, and in the best interest of the Republic of Ghana”, part of the statement signed by Richmond Rockson, Spokesperson and Head of Communication at the Ministry of Energy and Green Transition, mentioned.

    These processes, the statement says, are being conducted without prejudice to ongoing investigations involving Springfield or related entities, and that institutional independence remains fully upheld.

    The push for intervention follows years of stalled progress on the Afina field, despite its confirmed discovery, as Ghana’s oil production declines with global transition reshaping upstream investment.

    The statement further reiterated the government’s commitment to local content and indigenous participation, noting that any future development of WCTP2 will be aligned with national policy to build a competitive Ghanaian-led oil and gas sector.

    Uncertain outcome

    The outcome of this takeover bid remains uncertain, but one thing is clear: Ghana’s energy sector is at a critical juncture, and the government must balance its desire to boost oil production with concerns about transparency and accountability.

    The Afina field has seen years of stalled progress despite its confirmed discovery, as global energy transition pressures reshape upstream investment and Ghana battles falling oil production.

     

    By Adnan Adams Mohammed

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Govt inaugurates new GNPC Board to drive energy sector growth

    The Minister for Energy and Green Transition, John Abdulai Jinapor, has inaugurated the newly constituted Board of Directors of the Ghana National Petroleum Corporation (GNPC), urging them to revitalize the corporation and steer it to a more sustainable and productive future.

    Speaking at the ceremony, Jinapor underscored the pivotal role of GNPC in Ghana’s petroleum sector, describing it as a national asset critical to the country’s economic growth and energy security.

    “GNPC is not just another state-owned institution. It is the flagship entity in Ghana’s upstream oil and gas industry. Through prudent investments and partnerships, it contributes directly to national development and ensures the country’s energy security,” the Minister stated.

    He emphasized the need for visionary leadership and a proactive board capable of navigating the complex dynamics of the petroleum landscape. He challenged the board to uphold the principles of transparency, accountability, and strategic oversight in guiding GNPC through both its current challenges and emerging opportunities.

    “I urge you to provide strong, strategic leadership, support the government’s efforts to expand GNPC’s operational capacity, particularly through its subsidiary, Explorco,” he added. The Minister also announced the government’s intention to review the GNPC Act, which was passed in 1983, to reflect current industry realities and global best practices.

    “As a government, we want to comprehensively review and enhance the GNPC Act to meet modern standards. Oil production has declined in recent years, and our current reserves are a concern to us. However, we’ve received encouraging signals from supermajors, and this is a critical moment to reposition GNPC for the future.”

    Jinapor expressed confidence in the board’s ability to deliver transformative leadership and secure a brighter energy future for Ghana.

    Chairman of the new board, Prof. Joseph Oteng-Adjei, expressed gratitude to President John Dramani Mahama for the appointment and pledged to lead a results-driven board.

    “We thank His Excellency the President for the trust reposed in us to reset GNPC. This is a team of diverse professionals, and we are committed to addressing the challenges within the sector. We will seek guidance from the Ministry whenever necessary, and work together to move GNPC forward,” he said.

    Members of the GNPC Board are as follows:

    Prof. Joseph Oteng-Adjei – Chairman

    Mr. Kwame Ntow Amoah – Acting CEO

    Hon. Hajia Zuwera Mohammed Ibrahim – MP

    Hon. Seidu Alhassan Alajor – MP

    Mr. Mawutor Agbavitor

    Mr. Kwame Jantuah, Esq.

    Mr. Andani Yakubu Abdulai (Yoo-Naa)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • PIAC alarmed with gov’t indebtedness to GNPC

    PIAC

     

    Adnan Adams Mohammed 

    Government indebtedness to the Ghana National Petroleum Corporation (GNPC) stands at a staggering US$1.14 billion as at 2022, posing an imminent threat to the Corporation. 

    A Public Interest and Accountability Committee (PIAC) report indicates that as of the end of 2022, the government owed GNPC a staggering $1.14 billion.

    This comprises of payments made on behalf of the government, state-owned enterprises (SOEs), national and local projects, as well as gas supplied to the Ghana National Gas Company (GNGC).

    PIAC raises concerns about GNPC’s expenditure, which extends beyond its core mandate, hindering its ability to function as an autonomous commercial entity in the petroleum sector.

    Substantial sums, such as $124.66 million, were spent on Gas Enclave roads in the Western region, often at the behest of the government and other entities, diverting resources from GNPC’s primary responsibilities.

    PIAC warned that GNPC faces a precarious future post-2026 when it will cease to receive funding from the Petroleum Holding Fund as per the Petroleum Revenue Management Act (PRMA).

    The Corporation may struggle to survive without this financial support, given its existing challenges.

    Political influence poses another significant risk to GNPC, compelling it to engage in quasi-fiscal expenditures and extend advances to other state-owned entities, encroaching upon central government prerogatives.

    To mitigate these issues and ensure GNPC’s sustainability, PIAC recommends several measures. Firstly, GNPC should prioritize its mandate and development by refraining from making payments on behalf of the government and retrieving owed funds expeditiously.

    Additionally, the Corporation should cease funding external programmes and projects at the request of other agencies.

  • NDC calls on Speaker to allow debate on NPP-cooked GNPC/Genser report

    NDC MPs

     

    Adnan Adams Mohammed

    The Minority in Parliament has called on the Speaker to provide opportunities for the debate of the GNPC/Genser which is currently in the public domain.

     

    The Minority is not in agreement with the misleading information the report has dumped out about the gas sales.

     

    Their grievances was contained in a press statement released today.

     

     

    Read full statement below:

     

    Press Release

     

    For Immediate Release

     

    17th August, 2023

     

    *REPORT ON GENSER/GNPC GAS SALES AGREEMENT*

     

    My attention has been drawn to a report on some social media platforms allegedly signed by the chairman of the committee on Mines and Energy, Hon. Samuel Atta-Akyea on the Gas Sales Agreement (GSA) between Genser Energy and GNPC.

     

    For the avoidance of doubt, I wish to categorically disassociate myself from the content and intents of the said report as it does not accurately reflect my position and that of the minority in its entirety.

     

    Firstly, it is true that I have consistently maintained that the GSA is not fairly priced and will result in significant losses to the state. It cannot therefore be the case that I disagreed with the position of ACEP/Imani that the GSA in its current form will result in huge losses to the state.

     

    More importantly, it is inaccurate to report that the entire membership of the committee disagreed with my position.

     

    More importantly, the said report contains factual inaccuracies and assumptions that do not address the key issues of value for money.

     

    From the evidence, the current Genser/GNPC gas price of US$2.790/mmBTU is far lower than the actual commodity price of US$4.879/mmBTU as approved by the PURC. The critical question the report fails to address is which entity will eventually pay for the price differential of about US$2mmBTU, which runs into billions of cedis over the contract tenure?

     

    It is my hope that the referral by the speaker to the joint committees of the Finance/Mines and Energy will provide the opportunity to address the critical issues as noted.

     

    -Signed-

    John Abdulai Jinapor—MP

    (Ranking Member Mines and Energy Committee)

  • Eni partners support host community with scholarships for vocational and technical training

    Eni Ghana on behalf of its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), together with Volontariato Internazionale per lo Sviluppo (VIS), have handed over scholarship packages to over 1,000 students in 14 communities in the Ellembelle District, namely Atuabo, Bakanta, Ngalekye, Sanzule (including Anwolakrom fishing area), Krisan, Eikwe, Anokyi, Ngalekpole, Asemda, Baku, Anyinase, Esiama, Half Assini and Nkroful.

     

    The scholarship is part of Eni Ghana and its OCTP Partners’, Vitol and GNPC’s Local Development Project to promote inclusive economic development in the Ellembelle district. It covers tuition fees, registration fees, books and stationery, food, tools and equipment, accommodation, transportation and monthly allowances for the students who are enrolled in Vocational and Technical courses ranging from Fashion, Catering, Building Technology, Electricals and Welding.

     

    The scholarship package is designed in collaboration with the World Bank as part of the sustainability initiatives that the OCTP partners are implementing in the OCTP Project Area of Influence. Ellembelle District Assembly played a major role in the design and implementation of the program.

     

    VIS is a non-governmental organization that deals with development cooperation and international solidarity and an educational agency that promotes and organizes awareness-raising, education, training activities for development and global citizenship.

     

    Eni has been present in Ghana since 2009 with its upstream activity and currently accounts in the country for an equity production of 30,000 barrels of oil equivalent per day.

     

     

  • Eni Ghana and partners receive Presidential Honor for COVID 19 support

    Eni Ghana and its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), have been recognized by the President of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo for the support to the country during the COVID 19 pandemic.

     

    Accordingly, the President has conferred on the OCTP Partners, the Presidential Honor for distinguished service.

     

    During the outbreak of the COVID 19 pandemic, the OCTP Partners led by Eni Ghana donated medical equipment and devices including ventilators, medical tents, nose masks and other personal protective equipment, as well as laptops and TV screens, to the Korle Bu Teaching Hospital, the Ghana Health Service, St. Martins De Porres Hospital in Eikwe and the Ellembelle District Health Directorate.

     

    In addition, Eni Ghana and its OCTP partners, Vitol and GNPC, donated 2 double-cabin pickups vehicles, 4 Station Wagons and pick up vehicles to the Western Regional Health Directorate and the Ghana Health Service respectively.

     

    Eni has been present in Ghana since 2009 with its upstream activity and currently accounts in the country for an equity production of about 30,000 barrels of oil equivalent per day.

     

     

  • Full-scale audit into disposal of $110m power barge needed – Jomoro MP

     

    By Ibrahim Awall

     

    A Member of Parliament has expressed concern over the ‘unauthorized’ dismantling of the Osagyefo Power Barge by a private firm named Misak Limited.

     

    The power barge, with a capacity of 125 megawatts, was originally procured by the Jerry Rawlings government in 1999 from Italy at a cost of $110 million under an arrangement with Balkan Energy.

     

    In 2015, the Ministry of Energy directed the Ghana National Petroleum Corporation (GNPC) to take over ownership of the barge. However, due to a prolonged legal dispute, the GNPC was unable to carry out any maintenance activities on the barge, leading to its deterioration from excessive corrosion.

     

    “I asked a question to ascertain the status of the power barge and the Minister confirmed that a private company with the name Misak, without proper authorisation and due processes, has significantly dismantled the power barge and sold off the component”, MP for Jomoro, Dorcas Affo-Toffey, called for legal action to be taken against Misak Limited following an update provided by the Deputy Minister of Energy, William OwurakuAidoo, on the status of the barge.

     

    What surprises me the most is that there has not been any legal action taken against the company that did this illegal act but rather, the government is seeking to share the proceeds from the sale of the power barge with the company.”

     

    She also demanded for a full-scale audit into the disposal of the badge and transparency in the sale of the barge.

     

    “As the MP of the area, I am demanding that the right thing be done and the company must be brought to the law and also a full-scale forensic audit into the disposal of the badge be done and finally calling for a high level of transparency in the final sale of the badge.”

     

     

  • GNPC to offload interest in JOHL to Explorco

    GNPC to offload interest in JOHL to Explorco

    National oil company, GNPC has started the process of assigning its interest in the Jubilee Oil Holding Limited (JOHL) to Explorco -a subsidiary of the company, the Deputy Chief Executive (CEO) of GNPC in charge of Commerce, Strategy and Business Development, Joseph Dadzie, has told parliament’s Ad hoc Committee.

    According to him, the move is subject to the board’s approval, with the expectation that the assignment of interest will be completed by the end of the year.

    The assignment of interest to Explorco is part of the condition of approval by the Minister of Energy for the transaction -the acquisition of the seven percent (7%) Anadarko stake.

    Appearing before the Ad hoc Committee of Parliament hearing the censure motion on the Minister of Finance on Tuesday, Mr.Dadzie stated “When we mentioned to our stakeholders, the other oversight bodies, we thought we were going to buy the stake not the company but obviously the structure changed and we had to buy the company, so we going through the process.

    In fact the approval we got from the Ministry of Energy was very specific that it needed to be assigned to Explorco and the board of GNPC is going through the process of assigning that. JOHL will be dissolved when the process is completed.”

    The Public Interest and Accountability Committee (PIAC) in its semi-annual report on the management and use of petroleum revenues from January to June this year disclosed that the proceeds of lifting by JOHL, should be paid into the Petroleum Holding Fund, as the committee is convinced the proceeds form part of Ghana’s petroleum revenue.

    Further, the Vice-Chairman of PIAC, Nasir Alfa Mohammed, who appeared before the committee to testify, said the money was rather paid into an offshore account.

    However, Mr. Dadzie in his testimony before parliament’s committee when the issue of unlawful transfer of proceeds of JOHL revenue came up, he said the money was paid into Jubilee Oil Holding Limited, which was legally clothed with the authority to receive the money.

    He, therefore, disagreed with PIAC that the money should have been paid directly into the Petroleum Holding Fund.

    Both witnesses were testifying in response to the proponents of the censure motion against Ken Ofori-Atta on the ground of illegal payment of revenues into an offshore account, in flagrant violation of Article 176 of the Constitution.

    Jubilee Oil Holding Limited, made its first oil lifting of 944,164 barrels of oil in the Jubilee Field in the first half of 2022.

    The amount was realised from the lifting of 944,164 barrels of oil from the Jubilee fields and Anadarko CWTP Company in the first half of 2022.

    The GNPC Deputy CEO said it was not the GNPC that set up Jubilee Oil Holding Limited but rather Anadarko Company.

    He said Jubilee Oil Holding Limited was set up because Anadarko decided to sell its stakes in the Ghana assets and reached an agreement with Kosmos to purchase it.

    The Ghana government, he said, then made a submission that it wanted part of that stake, and after negotiations, “we agreed on seven per cent”.

    With strict timelines for the consummation of that transaction and the need for the GNPC to go through the approval process, Mr Dadzie said, Anadarko decided to sell Jubilee Oil Holding Limited, carving out the seven percent for the GNPC to acquire later on.

    “We got the necessary approvals and we were ready to buy Jubilee Oil Holding Limited, so the structure of the transaction was not a GNPC-defined structure but that of the seller (Anadarko Company).

    “We did not buy a participating stake; we rather bought the company which held seven percent in Jubilee and TEN,” he said.


    On where GNPC got the funds to buy Jubilee Oil Holding Limited, Mr Dadzie said the corporation wrote to the Ministry of Finance to advance it a loan towards the purchase and obtained approval from the ministers of Energy and Finance.

    On the quantity of oil lifted by Jubilee Oil Holding Limited so far, he said: “We have lifted in total $153 million.”

    “Jubilee Oil Holding Limited is a 100 percent subsidiary of the GNPC and we believe it is a company registered under the Companies Act and obviously the terms and conditions, as well as the constitution of Jubilee Oil Holding Limited, are governed by that act, not the Petroleum Revenue Management Act.

    “For that reason, 100 percent of that revenue cannot be paid into the Petroleum Holding Fund. Jubilee Oil Holding Limited must operate, and if at the end of the day it declares profit and the directors decide dividends must be paid, that money is paid to the GNPC, which will pay it into the Petroleum Holding Fund,” Mr Dadzie said.

    Responding to a question on which of the allegations related to the finance minister, he said: “As far as Jubilee Oil Holding Limited is concerned, the Finance Minister is not responsible for the revenues.”

    “Obviously, we have to, at the end of the day, submit our financials and pay whatever asset tax there is to the GRA. In 2021, Jubilee Oil Holding Limited paid GH¢17 million to the GRA as tax on its operations.

    “So, as far as revenue is concerned, I do not think the Finance Minister has any direct control over revenue,” he declared.

    Asked if the $100 million was paid into an offshore account, Mr Dadzie said: “Yes, it was paid into an account at the Ghana International Bank in London by the buyers of the crude.”