Tuesday, May 27, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

GNPC: Direct cost up by 78.57% in 2020

admin by admin
August 27, 2022
in Business, News
0
Share on FacebookShare on Twitter

Ghana National Petroleum Corporation’s (GNPC) direct costs recorded a significant increase of 78.57% in 2020.

Direct cost rose to GH¢4.2bn

You might also like

Illegal structures at Sakumono Ramsar site demolished

Illegal structures at Sakumono Ramsar site demolished

May 27, 2025
26 suspects arrested for drug-related offences in Aflao

26 suspects arrested for drug-related offences in Aflao

May 27, 2025

Direct cost rose from GH¢2.4 billion (GH¢2,404.68 million) in 2019 to GH¢4.2 billion (GH¢4,294.19 million) in 2020.

Limited ability to meet short-term obligations

GNPC’s current ratios for both 2019 and 2020 stood at 0.80, implying a limited ability of the Corporation to meet its short-term obligations when they fall due.

2020 State Ownership report

This is contained in the 2020 State Ownership report which shines the spotlight on the performance of entities in which the state has an interest, collectively referred to as specified entities (SEs).

SOEs, JVCs, OSEs, regulatory bodies and public corporations

These entities comprise state-owned enterprises (SOEs), joint venture companies (JVCs) and other state entities (OSEs) such as regulatory bodies and public corporations.

GH¢2.49m free cash flow

The report said free cash flow position of GNPC increased from negative GH¢5.83 million in 2019 to GH¢2.49 million in 2020.

Debt-to-equity

The report showed that debt-to-equity was 3.33 while debt-to-assets ratio was 0.33 for 2020.

GH¢3.5bn revenue in 2020

According to the report, GNPC reported a revenue of GH¢3.5 billion (GH¢3,562.78 million) for 2020, an increase of 1.53% compared to revenue of GH¢3.5 billion (GH¢3,509.08 million) in 2019.

Total revenue up by 49% per annum between 2016-2020

Per the report, GNPC’s total revenue increased by an average of 49% per annum between 2016 and 2020.

7.65% increase in revenue from operations

It showed that revenue from operations increased by 7.65% from GH¢3.2 billion (GH¢3,288.33 million) in 2019 to GH¢3.5 billion (GH¢3,539.97 million) in 2020.

GH¢179.63m spent on corporate social responsibility

Approximately GH¢179.63 million was spent on corporate social responsibility (CSR) activities in the areas of education and training, environment and social amenities, economic empowerment, sports, scholarships and sponsorships.

Financing of 3 artificial turfs

From the report, CSR programmes for the year included construction of three artificial turfs, which were donated towards construction of a sports complex at Hohoe, and two AstroTurfs at Bantama and Beposo.

3 school blocks, lecture hall and administration block

GNPC also completed two six-unit classroom blocks at Kpando, three-unit classroom blocks at Akwanserem and Nkonsa in the Adansi Asokwa District and a lecture hall and administration block at the Bibiani College of Nursing and many others.

11 sanitary facilities with water system

Eleven sanitary facilities with water system were completed while it awarded foreign scholarships to 65 applicants for the 2020/2021 academic year.

 1,264 million barrels of oil equivalent

GNPC achieved 1.2 million (1,264) million barrels of oil equivalent (MMboe) of reserves which was approximately 0.56% above the target 1,257 MMboe set for 2020.

182,860 barrels per day

The Corporation produced an average daily crude oil of 182,860 barrels, 2.27% above the average daily oil target 178,800 barrels.

241.85 million standard cubic feet per day

GNPC exported an average daily gas of 241.85 million standard cubic feet per day (MMScf/d) which was 1.29% below the average daily gas.

Wells drilled

The Corporation drilled two development wells and completed one well while exploratory drilling was deferred and three completion wells did not happen due to the impact of COVID-19 pandemic.

Overall, GNPC delivered slightly above a standard performance index of 3.06 for the 2020 financial year based on a five-point scoring scale.

GNPC scored on average 0.46 under the financial/economic dimension. Weighted score for the dynamic efficiency dimension was 1.00.

Dynamic efficiency measures the extent to which GNPC is investing in actions which ensure its long-term viability. GNPC achieved a 1.60 average weighted score for management improvements and project implementation dimension.

This reflects GNPC’s efficiency in project implementation and efforts towards good corporate governance practices.

GNPC is the national oil company. The company’s mandate is to undertake the exploration, development, production and disposal of Ghana’s hydrocarbon resources.

GNPC serves as the national gas sector aggregator as well as the partner by virtue of being the vehicle for the state’s 10 per cent carried and participatory interest in all petroleum agreements in Ghana

 

Post Views: 7
Tags: BusinessGhanaGhana National Petroleum CorporationGNPCNational Oil CompanyNewscentaoil and gasoil trade
admin

admin

Related Stories

Illegal structures at Sakumono Ramsar site demolished

Illegal structures at Sakumono Ramsar site demolished

by admin
May 27, 2025
0

The Greater Accra Regional Security Council (REGSEC) has initiated a large-scale demolition of unauthorised structures constructed within waterways. This action...

26 suspects arrested for drug-related offences in Aflao

26 suspects arrested for drug-related offences in Aflao

by admin
May 27, 2025
0

In a crackdown on drug trafficking, the Volta Regional Police Command has arrested 26 individuals linked to drug-related offences near...

Ghana Health Service confirms 10 new Mpox cases bringing the total to 19

Ghana Health Service confirms 10 new Mpox cases bringing the total to 19

by admin
May 27, 2025
0

The Ghana Health Service (GHS) has confirmed 10 new cases of monkeypox in Ghana, bringing the total number of recorded...

Woman jailed for stealing TV belonging to a church at military barracks

Woman jailed for stealing TV belonging to a church at military barracks

by admin
May 27, 2025
0

An Accra Circuit Court has sentenced a 24-year-old woman to 12 months' imprisonment for the theft of a Hisense 50-inch...

Recommended

SHS selection ends June 6 before writing 2025 BECE

SHS selection ends June 6 before writing 2025 BECE

May 27, 2025
Illegal structures at Sakumono Ramsar site demolished

Illegal structures at Sakumono Ramsar site demolished

May 27, 2025
26 suspects arrested for drug-related offences in Aflao

26 suspects arrested for drug-related offences in Aflao

May 27, 2025

Popular Story

  • Newspapers, Headlines, Newscenta, Monday, May 26,

    Monday, May 26, 2025 Newspaper Headlines

    639 shares
    Share 256 Tweet 160
  • Former NIB Director sues Head of Surveillance for GH₵10m

    611 shares
    Share 244 Tweet 153
  • Tuesday, May 27, 2025 Newspaper Headlines

    609 shares
    Share 244 Tweet 152
  • On the contrary Mr. KSM, Aglow prayers could fix Dumsor

    598 shares
    Share 239 Tweet 150
  • Opoku-Agyemang in private jet: Ablakwa’s integrity on the line

    592 shares
    Share 237 Tweet 148
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About NewsCenta
  • Contact Us
  • Privacy Policy
  • Terms of Use

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.