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Business News of Monday, 25 October 2021


GNPC sets ambitious target to become stand-alone oil operator in 15 years

The Ghana National Petroleum Corporation (GNPC) The Ghana National Petroleum Corporation (GNPC)

• GNPC is building capacity to become an oil operator

• The corporation plans to acquire additional stakes in offshore oil fields

• Aker Energy and AGM Petroleum are major oil operators

The Ghana National Petroleum Corporation (GNPC) has set an ambitious target of becoming a stand-alone oil operator in about 15 years to come.

According to Chief Executive of the Corporation, KK Sarpong, it is currently building its capacity to realise the feat which aims to operate effortlessly without minimal government support.

In an interaction with journalists, the GNPC boss said, “We have to build the capacity of GNPC to become an operator. If we do that, 15 years from now, we should mature and stand alone”

As part of efforts to boost operations and build operatorship capacity, the GNPC boss said it is bidding to acquire additional stake in oil blocks operated by Aker Energy and AGM Petroleum.

KK Sarpong pointed that the planned acquisitions will help stream additional oil production volumes within the coming years.

“It will enable GNPC and Ghana to not only face emerging transition in a well-planned manner, but also create significant value for Ghana. Aker Energy and AGM present a more immediate, predicable and viable route operatorship,” he added.

Meanwhile, since 2017, Ghana has not witnessed a significant development of oil fields due to the lack of investment and ongoing efforts of energy transition. A move that could however decrease oil production levels after 2023.