• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

ACEP accuses GNPC of seeking to assign oil interest to tax haven registered company

4 years ago
in Business, Editor's pick, Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
211
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

ACEP accuses GNPC of seeking to assign oil interest to tax haven registered company

The African Centre for Energy Policy (ACEP), has alleged that the Ghana National Petroleum Corporation (GNPC) is seeking to assign oil interests in Ghana’s Jubilee Oil Holdings to a company registered in Cayman Islands which is a tax haven.

ACEP’s Policy Lead for Petroluem and Conventional Energy, Kodzo Yoatse, at a news conference levelled this allegation on the GNPC.

ACEP claims its checks have revealed that the said company is registered with Dr K. K. Sarpong, CEO of the GNPC and Freddie Blay, Board Chairman of GNPC as directors.

The alleged transaction relates to GNPC’s quest to acquire 7% Commercial Interest in the blocks.

GNPC in 2021 announced moves to acquire the said interest, adding that it will be transferred to GNPC’s subsidiary, the GNPC Exploration and Production Company (GNPC Explorco).

However, ACEP claims it has discovered that GNPC rather intends to assign the interests to Jubilee Oil Holdings.

RelatedPosts

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

“ACEP’s search has not yet ascertained beneficial owners of Jubilee Oil Holdings. It is important to note that the representation of the CEO and Board Chair of GNPC, with their names in the General Registry of Cayman Islands, is not enough proof that GNPC is the owner of the Jubilee Oil Holdings.

However, in the absence of evidence on shareholders of Jubilee Oil Holding, we proceed with the assumption that GNPC owns the company.

“While the Corporation has not provided public information on the strategic essence of this approach, the unofficial explanation received by ACEP indicates that the Corporation intends to use the offshore company to pay off the loans for the acquisition before the interest reverts to Explorco,” Mr Yaotse said.

ACEP  also questioned how GNPC will be able to obtain some $199 million to finance the acquisition. 

“In the absence of official information on the financing options from GNPC, speculations are rife. In October 2021, Africa Intelligence reported that GRA, by extension the Finance Ministry, intends to lend the tax settlement amount from the Oxy transaction to GNPC to offset the acquisition cost of the 7% interest with no recourse to the Petroleum Revenue Management Act (PRMA), Act 815 as amended.

Read: OMCs to sell petrol, diesel at GHS 7 as fuel price increase imminent – IES

“The PRMA, since its inception, has suffered many accountability challenges. But for any revenue to be encumbered outside the express dictates of the law, will be the final nail in the coffin of the Act, a precedent that will undermine the very existence of the Act.

“There is no individual, institution or authority clothed with the power to appropriate petroleum revenue outside the PRMA, even if the act can be justified as necessary,” Mr Yaotse stated.

He also added that the Finance Ministry should not in any way lend to the GNPC.

“The answer is a simple no. In the current economic context of high-interest rates and the weak primary balance of the country, a more optimal and innovative approach to financing the 7% interest is required.

“ACEP appreciates that the GNPC is broke, and its weak financial position exposes it to a high cost of capital.

“However, given that the Jubilee and TEN fields are producing assets, they could be leveraged, especially through creditworthy partners to finance the acquisition. Any percentage of savings through innovative approaches is better than using tax revenue needed for the national budget in an austere period.

“Borrowing by the Finance Ministry at a higher cost for GNPC will not reflect the difficult picture on revenue painted in the 2022 budget,” he added.

GNPC and government are yet to comment on these allegations.

Tags: ACEP accuses GNPC of seeking to assign oil interest to tax haven registered companyAfrican Centre for Energy Policy (ACEP)ghanaGhana National Petroleum Corporation (GNPC)Jubilee and TEN fields
No Result
View All Result

Highlights

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

Morocco and Madagascar set up Historic CHAN Final in Nairobi

US Open: Defending Champions Swiatek and Sinner Cruise Into Second Round

Otto Addo Names Strong 24-Man Squad As Black Stars Prepare For Crucial World Cup Qualifiers Against Chad and Mali

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

Trending

Business

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

August 27, 2025

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports The Importers and Exporters...

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

August 27, 2025

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

August 27, 2025

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

August 27, 2025

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.