GNPC Reaffirms Commitment to Operatorship at Second Annual General Meeting
The Ghana National Petroleum Corporation (GNPC) has reaffirmed its commitment to achieving full operatorship, underpinned by continuous efforts to strengthen its technical competence, institutional resilience, and financial sustainability.
This commitment was the main focus of the Corporation's Second Annual General Meeting (AGM), held at the Marriott Hotel in Accra under the theme, "Consolidating Our March Towards Operatorship."
The Annual General Meeting (AGM) provided a crucial forum for key stakeholders, including representatives from the Ministry of Finance, the State Interests and Governance Authority (SIGA), and the GNPC Board and management, to review and approve the 2024 Annual Report. This comprehensive report detailed the Corporation's operational and financial performance for the year, demonstrating a stable trajectory characterized by consistent oil production, a notable increase in gas exports, and significant advancement of strategic capital projects.
Delivering the keynote address, the Minister for Energy and Green Transition, Hon. John Abdulai Jinapor, MP, commended GNPC's sustained role in safeguarding Ghana's petroleum interests. He stressed the imperative to accelerate capacity-building efforts toward operatorship, noting: "The Corporation serves as the state's eye in upstream partnerships. The energy transition makes capacity building a necessity, and GNPC must continue to develop the expertise needed to operate blocks independently and sustainably."
The Minister also outlined governmental interventions designed to mitigate industry headwinds, including declining oil production, reduced investment inflows, and gas infrastructure deficiencies. He assured attendees of ongoing collaboration between the Ministries of Finance and Energy to resolve GNPC's gas debt exposure and ensure long-term financial stability.
Prof. Joseph Oteng-Adjei, GNPC Board Chairman, highlighted that the Corporation’s performance underscores its resilience and unwavering focus on the operatorship agenda. "Our focus remains building technical competence, institutional strength, and financial prudence to sustain GNPC's long-term value," he stated.
Mr. Kwame Ntow Amoah, Acting Chief Executive Officer, presented the operational highlights, reporting a marginal decline in oil production but a significant 10% rise in gas exports. The key milestones cited were steady progress on the Research and Technology Centre, the commissioning of GNPC's Energy House (Operational Head Office) in Takoradi, the revitalization of EXPLORCO, and the advancement of the Voltaian Basin Project.
Mr. Amoah concluded: "We are building a GNPC that is technically competent, commercially agile, and strategically positioned to secure Ghana's energy future."
The AGM further emphasized GNPC's commitment to environmental sustainability, which is being achieved through the integration of Environmental, Social, and Governance (ESG) principles. This framework aligns the Corporation's activities with Ghana's Updated Nationally Determined Contributions (NDCs) under the Paris Agreement.
Concluding the meeting, the Deputy Minister for Energy and Green Transition, Hon. Richard Gyan, reiterated the government's confidence in GNPC's leadership and pledged continued Ministry support to ensure the Corporation's operational and financial success.
The meeting formally concluded after members considered and voted on several significant resolutions.