Minority to GNPC: Don’t offload 7percent stake to offshore company

GNPC Head office

The Minority in Parliament has kicked against what it describes as moves by the Ghana National Petroleum Corporation (GNPC) to place 7 percent interest of the Jubilee and TEN fields in an offshore company.

“We wish to state that we shall not countenance any attempt to off-load these shares to any foreign entity aside the state-owned GNPC or its known and recognised subsidiary EXPLORCO,” a statement issued by the minority said.

“The Minority in Parliament has been keenly following the decision by the Ghana National Petroleum Corporation to acquire 7% of Jubilee and TEN oil fields ceded to it by Kosmos Energy from a $750m acquisition of Oxy’s interest in October 2021.”

The statement added “We have also become aware of the establishment of an offshore company in the Cayman Islands to hold the 7% interest with the chief executive of the GNPC and the board chairman acting as Directors of the company.”

Below is the full statement

MINORITY IN PARLIAMENT KICKS AGAINST THE DECISION OF GNPC TO PLACE 7% INTEREST OF JUBILEE AND TEN FIELDS IN AN OFFSHORE COMPANY

The Minority in Parliament has been keenly following the decision by the Ghana National Petroleum Corporation to acquire 7% of Jubilee and TEN oil fields ceded to it by Kosmos Energy from a $750m acquisition of Oxy’s interest in October 2021.

We have also become aware of the establishment of an offshore company in the Cayman Islands to hold the 7% interest with the Chief Executive of the GNPC and the Board Chairman acting as Directors of the company.

We wish to state that we shall not countenance any attempt to off-load these shares to any foreign entity aside the state-owned GNPC or its known and recognised subsidiary EXPLORCO.

The Mines and Energy Committee wish to serve notice to government and the GNPC that before their work program for 2022 is approved, we will interrogate this issue thoroughly and seek clarity to every single detail as far as this transaction is concerned.

Whilst the Minority is not against the acquisition of additional oil interest by the nation’s oil company, we wish to state without any equivocation that we shall fiercely resist any attempt at circumventing due processes as has been the norm lately especially with regards to managing the nations oil resources.

Ghanaians should be assured that the Minority side in Parliament will always work to ensure that the interest of the ordinary Ghanaian is always prioritised in all decisions we make.

Thank you.

Hon. John Abdulai Jinapor
MP for Yapei-Kusawgu and Ranking Menmber, Mines and Energy Committee

Fred Dzakpata

Gh Extractives

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