National Chairman of the New Patriotic Party (NPP), Freddie Blay, is set to continue in his role as chairman of the seven member board of the Ghana National Petroleum Corporation (GNPC).
Freddie Blay served in the same role during the first term administration of President Akufo-Addo, between 2017 and 2021.
Kwabena Kwakye, who also served on the seven member GNPC board through the first term government of President Akufo-Addo, is expected to remain on the board.
Noted absentee on the GNPC board this time round would be Nana Adjoa Hackman, Managing Partner of Africa Legal Associates (ALA), and a Director at Asaase Broadcasting Company Limited (owners of Asaase Radio). She served as the chairperson of the legal & governance sub-committee on the GNPC board.
As a result of her outstanding performance, she received high praises from the CEO and head of the State Interest and Governance Authority (SIGA), Stephen Asamoah Boateng, for her dedication to the course of GNPC.
Recent GNPC Achievement
The state-owned oil company in the areas of transparency and accountability was recently ranked the best governed national oil company (NOC) in Sub-Saharan Africa as well as the fifth (5th) best governed NOC globally.
Furthermore, GNPC according to the 2017 Resource Governance Index (RGI) of the Natural Resource Governance Institute (NRGI) is adjudged the 8th best state-owned enterprise globally out of 74 state-owned enterprises assessed by the RGI.
GNPC, Aker Energy, AGM partnership
Government through the Ghana National Petroleum Corporation (GNPC), has initiated the process expected to lead to the acquisition 37% interest in the Deep Water Tano Cape Three Points (DWT/CTP) operated by Aker Energy Ghana Limited and 70% stake in the South Deepwater Tano (SDWT) operated by AGM Petroleum Ghana Limited which will ultimately result in the establishment of a joint operating company between Aker Energy, AGM and GNPC Explorco.
GNPC acknowledges that it will need some capacity building in order to become an operator on its own. The process requires a major oil company willing to travel on this learning route with GNPC. Partnership with AKER Energy and AGM, with proven deep water capabilities, provides such opportunity for the national oil company to develop operator capabilities.
GNPC proposes to partner with Aker Energy/AGM to jointly develop the DWT/CTP and SDWT blocks. The two companies, with a wealth of deep water experience and the requisite technology, are keen to entering into this arrangement with GNPC.
The existing discoveries by Aker Energy and AGM (the Pecan and Nyankom fields) are by far the largest discoveries in Ghana, and the only ones that can be developed as stand-alone developments. This partnership has the potential to add more than 200,000 barrels of crude oil to Ghana’s current production within the next 4 to 5 years.
The mission ahead
The Freddie Blay board is expected to support the management of GNPC, led by the Chief Executive Officer, Dr K.k. Sarpong, to ensure that the mandate of the GNPC which is to undertake the exploration, development, production and disposal of petroleum and their objectives which are to promote the exploration and the orderly and planned development of the petroleum resources of Ghana, to ensure that Ghana obtains the greatest possible benefits from the development of its petroleum resources, to obtain the effective transfer to Ghana of appropriate technology relating to petroleum operations, to ensure the training of citizens of Ghana and the development of national capabilities in all aspects of petroleum operations and to ensure that petroleum operations are conducted in such a manner as to prevent adverse effects on the environment, resources and people of Ghana, are achieved.
The Ghana National Petroleum Corporation (GNPC) is Ghana’s National Oil Company (NOC), established in 1983 by PNDC Law 64, to support the government’s objective of providing adequate and reliable supply of petroleum products and reducing the country’s dependence on crude oil imports, through the development of the country’s own petroleum resources.
The Petroleum [Exploration and Production] Law, 1984, PNDC Law 84, was subsequently enacted to provide the regulatory framework for the exploitation of the country’s hydrocarbon resources. PNDC Law 84, establishes the contractual relationship among the state, GNPC and prospective investors in upstream petroleum operations.
This law also grants GNPC the right of entry into any open acreage to undertake exploration activities. The corporation, which started operations in 1985, is partner in all petroleum agreements in Ghana. GNPC is also the national gas sector aggregator in Ghana, and aims to supply efficient fuel to meet Ghana’s increasing energy needs.
After the inception of GNPC in 1983, technical assistance was sought from Braspetro, the international subsidiary of the Brazilian National Petroleum Corporation (Petrobras) under UNDP sponsorship in 1985 for the preparation of a strategic organizational plan and recommendations for institutional capacity building.
The organizational plan approved by the Board of Directors involved five main functional divisions and four staff departments. Reviews of the structure have since taken place and currently incorporate a wider scope of activities consistent with our current strategy.
The current staff strength is 300. GNPC has a seven-member Board of Directors, appointed by the Ghana Government, which exercises oversight responsibility over the corporation, giving it policy direction.
Frederick Armah Blay, popularly called Freddie Blay, is a Ghanaian lawyer and a politician. He was a Member of Parliament for the Ellembele constituency in the Western Region for years, and served as the First Deputy Speaker in the Fourth Parliament of Ghana.
He lost his seat in the general elections held on 7 December 2008 to Armah Kofi Buah of the NDC. He was a member of the Convention People’s Party (CPP), but resigned to join the New Patriotic Party after being criticized by some CPP stalwarts for not campaigning for the CPP flagbearer Paa Kwesi Nduom, instead endorsing the NPP’s presidential candidate then, Nana Akufo-Addo. Between 2017 and January 2021, he served as the board chair of GNPC even though issues were raised over a party chairman chairing the national oil company.
|Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.|