Home / Politics / GNPC has not set up any offshore company in Cayman Islands as alleged by ACEP – GNPC

GNPC has not set up any offshore company in Cayman Islands as alleged by ACEP – GNPC

The Ghana National Petroleum Corporations (GNPC) has exposed cases that it has set up a seaward organization in the Cayman Islands.

This follows a claim made by the African Center for Energy Policy (ACEP) that the GNPC is looking to allot an interest in a portion of Ghana’s oil squares to Jubilee Oil Holdings, an organization enrolled in the Cayman Islands.

ACEP claims its checks have uncovered that this organization is enrolled with Dr. K. K. Sarpong, CEO of the GNPC and Freddie Blay, Board Chairman of GNPC as chiefs.

“ACEP’s pursuit has not yet determined useful proprietors of Jubilee Oil Holdings. It is essential to take note of that the portrayal of the CEO and Board Chair of GNPC, with their names in the General Registry of Cayman Islands, isn’t sufficient verification that GNPC is the proprietor of the Jubilee Oil Holdings.

Nonetheless, without proof on investors of Jubilee Oil Holding, we continue with the supposition that GNPC claims the organization.”

These claims were evened out by ACEP’s Policy Lead for Petroleum and Conventional Energy, Kodzo Yaotse, at a news meeting.

In response, the GNPC in an assertion dated January 14 gave by the Corporate Affairs Department, disproved the cases.

“The Corporation has not set up any seaward organization. Current realities of the matter are as per the following: Anadarko Offshore Holding Company LLC (“Anadarko Offshore”) tried to wrap up its activities in Ghana. Its auxiliary, Anadarko WCTP Company (“Anadarko WCTP”) (a seaward organization enlisted in Cayman Islands that holds Anadarko’s advantage in Jubilee, Deepwater Tano (DWT) and West Cape Three Points (WCTP)) was to be offered to Kosmos Energy Holdings Ghana Limited (“Kosmos”). The Corporation communicated an interest in securing some portion of Anadarko WCTP’s advantage in the DWT and WCTP petrol arrangements and advised Ministry of Energy. The Parties entered exchanges to decide the Corporation’s portion, and it closed with a proposal to the Corporation to buy the 7% business interest.”

The GNPC explained that, “to empower the dealings with Kosmos for the offer of Anadarko WCTP to continue, Anadarko Offshore fused an organization, Jubilee Oil Holdings Limited (“JOHL”), in the Cayman Islands to hold the 7% business interest meanwhile while the gatherings arranged and finished the business terms of the exchange.

The Corporation noticed that, “the gatherings continued to arrange the business terms of the deal and acquisition of the 7% business interest. The feature price tag as of first April 2021 was cited as US$199million. This cost was acclimated to US$165 million viable 30th September 2021, following changes for cash calls, charges and different costs brought about just as deals made by Anadarko WCTP inside the period.”

The GNPC clarified further that, “Anadarko Offshore, the Seller, was in the long run settled up on US$164,798,691.00 on nineteenth October 2021 completely settlement of the procurement. Anadarko Offshore from that point allocated JOHL to GNPC, as JOHL holds the 7% business interest.

The Corporation is right now during the time spent moving JOHL to GNPC Explorco. It was never a ploy by the Corporation to ‘live unto itself, not the law and the country’s methodology for its presence’ as guaranteed by ACEP, ” the assertion noted.

Addressing the attestation that that Jubilee Oil Holding Limited can’t execute business in Ghana’s oil industry since it isn’t enrolled with The Registrar General’s Department, the GNPC said, “the Corporation is currently enlisting JOHL as an outer organization in Ghana.”

“The Corporation keeps on working inside the dispatch of the legitimate structure and has no goal of ridiculing any lawful necessities and strategies. As the Corporation has consistently demonstrated, the Corporation invites commitment with any partner in its activities. All archives on the exchanges are accessible for investigation and review,” the assertion finished up.

Peruse full proclamation beneath:


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