The Board Chairman of the Ghana National Petroleum Corporation (GNPC) Freddie Blay has been reappointed by President Nana Addo Dankwa Akufo-Addo.
His reappointment took effect Friday August 6.
The corporation was established in 1983 to replace the Petroleum Department which was an agency under the Ministry of Fuel and power.
The department was responsible for the importation of crude oil and petroleum products for the Ghanaian economy.
The mandate for oil exploration was held to be the Technical Directorate of the Ministry of Fuel and Power and the Geological Survey Department.
The corporation was created to promote the Government of Ghana’s objective of supplying adequate and reliable petroleum for the country and the discovery of crude oil in the country’s territories.
The corporation was established as a state-owned company with the statutory backing of PNDC Laws 64 and 84.
The laws mandated the corporation to engage in exploration, production and disposal of petroleum products.
The laws also established the legal structure that informed the corporation in contractual agreements between the Government of Ghana and private oil exploration companies.
In 1987, the Petroleum Income Tax Law were added to the corporation’s mandate to permit it to tax various petroleum products for consumption. The law was the PNDC Law 188.