GNPC may not survive after 2026 if… PIAC [Video]

The Public Interest and Accountability Committee (PIAC) is warning that the Ghana National Petroleum Corporation(GNPC) may not survive without government support if the government ceases to assist the Corporation after 2026, as stipulated by the Petroleum Revenue Management Act.

The PRMA states that the NOC is to be funded for 15 years following the start of commercial production of crude oil, after which it will no longer be supported with funds from the Petroleum Holding Fund.

This means that after 2026, GNPC will no longer receive funding from the PHF.

“One way for GNPC to be more resourceful, financially, while promoting autonomy and flexibility, is for the government to desist from imposing additional responsibilities and obligations on the Corporation”, it disclosed in a report titled “The Role of GNPC in the Upstream Petroleum Industry: Challenges and Prospects”.

The report continued that an additional way to ensure secured funds is for the GNPC to …