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The Ghana National Petroleum Corporation (GNPC) is the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in
The corporation announced in 2007 that the Petroleum Agreement signed in 2004 had yielded in the discovery of oil in commercial quantities. 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
Ghana
Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
.
History
The corporation was established in 1983 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 andpetroleum products
Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. The m ...
for the Ghanaian economy. 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
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 privateoil exploration
Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology.
Exploration methods
Vis ...
companies. In 1987, the Petroleum Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable 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
The corporation has among its functions to promote petroleum exploration activities, to appraise 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 ensuresenvironmental protection
Environmental protection is the practice of protecting the natural environment by individuals, organizations and governments. Its objectives are to conserve natural resources and the existing natural environment and, where possible, to repair dam ...
in all petroleum-related activities.
Jubilee fields
The corporation announced in 2007 that the Petroleum Agreement signed in 2004 had yielded in the discovery of oil in commercial quantities. 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
Hess Corporation (formerly Amerada Hess Corporation) is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petrol ...
, a New York-based oil company. 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.
See also
* Ghana Oil CompanyReferences
{{authority control Oil and gas companies of Ghana National oil and gas companies Ministries and Agencies of State of Ghana Government-owned companies of Ghana Energy regulatory authorities Companies established in 1983 1983 establishments in Ghana Non-renewable resource companies established in 1983 Regulation in Ghana