GNPC was established as a State-owned entity and given legal backing by two main statutes i.e. PNDC Laws 64 and 84.
The PNDC Law 64 of 1983 mandates the Corporation ‘’to undertake the exploration, development, production and disposal of petroleum’’ and PNDC Law 84 establishes the legal framework governing the contractual relationship between the State, GNPC and the prospective investor in upstream petroleum operations.
These two statues are supplemented by the Petroleum Income Tax Law, PNDC Law 188 of 1987.
The Corporation was established with the following objects:
· To accelerate the promotion of petroleum exploration activities to ensure early commercial discovery and production
· To undertake the appraisal of existing petroleum discoveries to ensure production to meet national requirements
· 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.
Our History
Prior to the establishment of the Corporation, the Petroleum Department under the Ministry of Fuel and Power carried out the procurement of crude oil and petroleum products. The Technical Directorate of the Ministry of Fuel and Power and the Geological Survey Department coordinated petroleum exploration activity and received reports on operations.
GNPC was established 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.
In addition to the functions of co-ordinating petroleum exploration activity, the Corporation took over the assets, liabilities, and functions of the then Petroleum Department and assumed responsibility for the importation of Crude Oil and Petroleum products to meet national demand.
