The 2018 Work Programme of the Ghana National Petroleum Corporation (GNPC) is expected to be approved soon, following the laying of paper on the floor of parliament.
The First Deputy Speaker of Parliament, Joe Osei-Owusu, has subsequently referred the work programme to the Mines and Energy Committee for consideration and report.
This was made known on Tuesday in Accra, during the opening of the first meeting of the second session of the seventh Parliament, following almost a month’s break by the 275-member legislative body.
Chairman of the Mines and Energy Committee, Emmanuel Akwesi Gyamfi, is looking forward to working on the document that has been referred to his committee, and is hopeful that barring any delays they will consider it and work on the report for onward submission to the floor sooner than later.
Earlier this month, the government of Ghana and Exxonmobil of America entered into an agreement in respect of the Deepwater Cape Three Points oil block.
The agreement gives Exxonmobil exploration and production rights for the block and marks the first implementation of the mandatory 15 percent carried interest under the new petroleum law, Act 919, held by the Ghana National Petroleum Corporation – alongside royalties, taxes and other payments.
GNPC is the state agency responsible for the exploration, licencing, and distribution of petroleum-related activities in Ghana.
It is also on the verge of establishing a Centre of Excellence in Oil and Gas, to spearhead research into the sector in aid of the country’s development.
All these plans can be actualised if GNPC gets parliament’s approval to spend.
As part of its business strategy, GNPC is aiming to become a stand-alone operator by 2019 and a world-class operator by 2027.
In pursuit of this goal, the corporation adopted the ‘accelerated growth strategy’ in 2012, anchored on four key pillars.
The first is to build capacity and expand activities – investing systematically and prudently in building operating capability to manage a wider portfolio of producing assets.
Another is to replace and grow reserves – investing in high impact initiatives for the replacement and growth of reserves.
The third pillar is efficient capitalisation and optimum participation – securing capital at the lowest possible cost to maintain an optimum level of participation in petroleum operations.
The final pillar is to catalyse local content development – expediting the creation of an appropriate environment for Ghanaian participation in the upstream sector of the petroleum industry.