• 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

GNPC budgets $1.4bn on critical projects as part of 2023 work programme

2 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
168
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

GNPC budgets $1.4bn on critical projects as part of 2023 work programme

State-owned, Ghana National Petroleum Corporation (GNPC) have earmarked US$1.4bn to expend on critical projects aimed at strengthening the country’s oil and gas production and exploration.

This was contained in the report of the committee on Mines and Energy on the 2023 Work Programme of GNPC that was approved by lawmakers prior to Parliament adjourning for recess last Thursday. 

GNPC’s finances by law -section 7(3)(B) of the Petroleum Revenue Management Act,2011 (Act 815) as amended are subjected to parliamentary approval before expenditure.

A portion of petroleum revenue is ceded under the PRMA (Act 815) to fund the activities of GNPC. Accordingly, Section 7(3)(B) of Act 815 requires Parliament to approve the activities of GNPC for each year.

These critical projects according to the report entails collaboration with its partners to undertake development and production activities across the Greater Jubilee Fields, Tweneboa Enyenra Ntomme (TEN Field) and Sankofa and Gye Nyame (SGN Field). GNPC will further continue exploration activities in the Voltaian Basin, continue decommissioning of the Saltpond Field alongside its midstream and capital projects.

The Corporation has projected to spend US$1,416.95m against total revenue of US$1,244.13m for the 2023 financial year, which is expected to create a funding gap of US$172.8m. 

RelatedPosts

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

The report reveals that GNPC intends to finance the gap through estimated cash balance brought forward, collection of government and other related debts and term loans.

Parliament’s Committee on Mines and Energy gave their approval to enable GNPC’s plan to source additional finance, the report maintained, it captured “When GNPC should operate at full throttle, it will positively affect the entire economy of Ghana. Given the International Monetary Fund (IMF) strictures, the loans in mind will significantly improve GNPC’s activities.”

Nonetheless, the support for sourcing additional finance by the Mines and Energy Committee was given on the premise that the Corporation complies with the constitutional imperative to route through Parliament the intended loan facilities, in accordance with Article 181 Section 3 of the Constitution.

The Committee urged GNPC to take immediate steps to transfer its shares in the offshore company, Jubilee Oil Holdings Limited (JOHL) to its subsidiary company, GNPC Explorco.

Outlook for 2023

Greater Jubilee Field: GNPC, and its partners, regarding production activities on the Greater Jubilee Field are expected to among others undertake six liftings; drill three wells, complete three ongoing wells as and work on one existing well.

Also, FPSO Kwame Nkrumah is planned to be shut down to allow for the execution of critical operations and maintenance activities; install subsea and subsurface equipment; and continue with well maturation exercise and reservoir engineering studies.

Meanwhile, other planned activities are also expected to be carried out on the Tweneboa-Enyenra-Ntomme (TEN) and Sankofa Gye-Nyame (SGN) fields drilling of wells and oil liftings within the operational year.

However, the committee was concerned about long-standing debts owed GNPC from government and government agencies to US$165.97m

 

Tags: $1.4bn on critical projectsGNPCGNPC budgets $1.4bn on critical projects as part of 2023 work programme
No Result
View All Result

Highlights

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

RMA Demands Public Inquiry into Unibank Collapse, Slams AG’s Decision to Drop Charges

Trending

Features

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe The Ghana Airports Company Limited (GACL) has officially...

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

August 2, 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.