Parliament okays GNPC’s Budget

Parliament okays GNPC’s Budget

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Parliament has endorsed over Two Billion Cedis for the Ghana National Petroleum Corporation (GNPC) to undertake its Activities this year.

The House approved the budget after the Report of the Committee on Mines and Energy which supported the approval of the money for GNPC had been plagued by series of deferments on the floor of the House. Some Members of the House, especially the Minority were not enthused with the Report, describing it as ‘incomprehensive’, hence called for its rejection.

The Second Deputy Speaker, Hon. Joe Ghartey who approved the budget enunciated that ‘the work programme is approved but this is subject to GNPC providing further details on the following expenditure items in the Corporation’s 2016 budget and work programme. The items are the New Head Office building, including its location and the guarantee for Karpower Ship. Hon. Members, I am therefore directing GNPC to submit details on the Report to the House latest by Friday, the 17th of June, 2016.’

The Budget (GH 2,631,650,000.00 cedis)

The Corporation seeks to use the money to undertake petroleum development and production projects within the year.  The Greater Jubilee Field Development, the Tweneboa-Enyenra- Ntomme (TEN) Development, the Sankofa-Gye-Nyame (SGN) Development and the Saltpond Offshore Production are some of the projects. The rest of the projects are the New Office Building, Research and Technology (RAT), the Beach Road Redevelopment, the National Emergency Response Centre and the ICT Upgrade Expansion.

Briefing Parliament on the Report, the Chairman of the Committee on Mines and Energy, Amadu Sorogho informed the House that ‘having duly scrutinised the Programme of Activities of the GNPC and the associated financial requirements for the 2016 Financial Year, the Committee believes that they fall within the scope of the mandate of the Corporation under the PNDC Law 64.’

He added that the Activities have also been found to be in line with the Corporation’s strategic objective of becoming a stand-alone operator in 2019 and a world class operator by 2027.

‘The Committee therefore recommends to the House to adopt its Report and to approve the Programme of Activities of the GNPC for the year 2016 in accordance with Section 7(3)(b) of the Petroleum Revenue Management Act, 2011 (Act 815)’, the Chairman entreated the House.

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