The African Centre for Energy Policy (ACEP) has alleged that the Ghana National Petroleum Corporation (GNPC) is seeking to assign an interest in some of Ghana’s oil blocks to Jubilee Oil Holdings, a company registered in the Cayman Islands.
ACEP claims its checks have revealed that this company is registered with Dr K. K. Sarpong, CEO of the GNPC and Freddie Blay, Board Chairman of GNPC as directors.
These allegations were levelled by ACEP’s Policy Lead for Petroleum and Conventional Energy, Kodzo Yaotse, at a news conference.
The alleged transaction relates to GNPC’s quest to acquire 7% Commercial Interest in the blocks.
GNPC in 2021 announced moves to acquire the said interest, adding that it will be transferred to GNPC’s subsidiary, the GNPC Exploration and Production Company (GNPC Explorco).
ACEP however claims it has discovered that GNPC rather intends to assign the interests to Jubilee Oil Holdings.
“ACEP’s search has not yet ascertained beneficial owners of Jubilee Oil Holdings. It is important to note that the representation of the CEO and Board Chair of GNPC, with their names in the General Registry of Cayman Islands, is not enough proof that GNPC is the owner of the Jubilee Oil Holdings.
However, in the absence of evidence on shareholders of Jubilee Oil Holding, we proceed with the assumption that GNPC owns the company.
While the Corporation has not provided public information on the strategic essence of this approach, the unofficial explanation received by ACEP indicates that the Corporation intends to use the offshore company to pay off the loans for the acquisition before the interest reverts to Explorco,” Mr Yaotse said.