Ghana National Petroleum Corporation
Encyclopedia
The Ghana National Petroleum Company of Ghana is the state agency responsible for the exploration, licensing, distribution of petroleum related activities in Ghana
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companies. In 1978, 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.
in all petroleum related activities.
and the Corporation on the one hand and Kosmos Energy HC and its partners had yielded in the discover 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 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. 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 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 of 37,557 metric tonnes and accumulated GNPC’s 13.75 per cent participating interest entitlement of 98,119 metric tonnes.
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
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History
The corporation was established 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 and petroleum products for the Ghanaian economy. The mandate for oil exploration was held 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 private oil explorationOil exploration
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for hydrocarbon deposits beneath the Earth's surface, such as oil and natural gas...
companies. In 1978, the Petroleum Income Tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
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 amongst it functions to promote petroleum exploration activities, to appraise existing petroleum discoveries, to ensure that Ghana benefit the most from the development of the country's petroleum resources. The corporation promotes the training of Ghanaians in petroleum related activities and ensure environmental protectionEnvironmental protection
Environmental protection is a practice of protecting the environment, on individual, organizational or governmental level, for the benefit of the natural environment and humans. Due to the pressures of population and our technology the biophysical environment is being degraded, sometimes permanently...
in all petroleum related activities.
Jubilee fields
The corporation announced in 2007 that the Petroleum Agreement signed in 2004 between Ghana represented by the Ministry of EnergyMinistry of Energy (Ghana)
The Ministry of Energy is the government ministry in charge of extending and ensuring a continuous supply of energy services to every division of the Ghanaian economy in an energy sufficient, environmentally friendly manner.-Functions of the Ministry:...
and the Corporation on the one hand and Kosmos Energy HC and its partners had yielded in the discover 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
Western Region (Ghana)
The Western Region of Ghana, reaching from the Côte d'Ivoire border in the west to the Central Region in the east, includes the large twin city of Sekondi-Takoradi on the coast, coastal Axim, and a hilly inland area including Elubo. It includes Ghana's southernmost location, Cape Three Points,...
of the country. The corporation has controlling stake in all the oil wells that produce crude oil. In April, 2011, GNPC confirmed that it 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. In June 2011, the corporation lifted 135,675 metric tonnes of Jubilee crude oil from the FPSO Kwame Nkrumah
FPSO Kwame Nkrumah
The FPSO Kwame Nkrumah is a floating production storage and offloading vessel. It operates in the Jubilee oil fields off the coast of Ghana. She is named after the first president of Ghana Kwame Nkrumah.-History:...
. This represented crude oil on behalf of the Ghana Group, comprising 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 of 37,557 metric tonnes and accumulated GNPC’s 13.75 per cent participating interest entitlement of 98,119 metric tonnes.