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Business News of Monday, 18 June 2018


GNPC commits $1m to University of Ghana to boost oil and gas industry

The Ghana National Petroleum Corporation has committed $1 million to the University of Ghana as part of a Memorandum of Understanding (MoU) between the school and the corporation to boost research in the oil & gas industry.

Speaking at the signing, the Chief Executive of GNPC, Dr K. K Sarpong stated that they were committed to growing the capacity of individuals in the disciplines related to oil and gas by the establishment of the research chair in petroleum at the University of Ghana.

“We are feeding it $250,000 a year for the initial four years. Meaning committing $1 million to this university over four years for this chair.”

Dr Sarpong believes education and training is key to growing the capacity of individuals in the oil and gas industry so the country can leverage on this to grow the industry.

He also stated that this understanding between the Corporation and the University feeds into the GNPC foundation which has three key pillars; economic empowerment, education and training and environment and social amenities. The education and training pillar covers initiatives such as the signing of the MoU.

He also welcomed the idea of additional support being granted to the University for cases which may fall outside the parameters set out in the memorandum of understanding.

Dr Sarpong said, “If the University has a genuine need, I believe strongly in helping to produce more PhDs who would lead research in the sciences. We would be happy to offer assistance on a case by case basis. That obviously would be outside this chair.” He also called on the University to ensure these funds are utilized and are not left idle.

Research Lab

Dr Sarpong also stated that the corporation has just started construction of a state-of-the-art research and technology laboratory for geosciences and related matters.

This will cost about $30 million and provide a good link between the University and the Corporation. He added that this should be ready hopefully, in the next two years.