PIAC pushes for GNPC to diversify its operations
By Isaac AIDOO, Accra
Technical Manager at the Public Interest Accountability Committee (PIAC), Mr. Mark Agyeman, has underscored the necessity for Ghana’s National Oil Company, the Ghana National Petroleum Corporation (GNPC), to diversify its operations for sustained viability.
Mr. Agyeman advocated for GNPC to emulate its Explorco subsidiary’s model by expanding into renewable energy ventures.
In an interview with The New Finder, Mr. Agyeman emphasized the pivotal role of GNPC in becoming a stand-alone operator and capitalizing on the prevailing ‘energy transition’ era to broaden its scope.
By venturing into renewable energy and extending beyond conventional oil and gas pursuits, GNPC could align with shifting market dynamics and ensure its long-term endurance in the energy domain.
Mr. Agyeman articulated PIAC’s perspective, suggesting that GNPC’s diversification efforts, facilitated through subsidiary formations, could steer it through the transitional period.
He proposed a strategic approach where one subsidiary focuses on renewable energy, akin to Explorco’s focus on petroleum exploration, thus gradually diminishing reliance on fossil fuels.
The envisioned expansion into renewable energy encompasses various sectors such as solar, wind, hydro, and biofuels, alongside embracing low-carbon or carbon-neutral technologies like hydrogen, carbon capture and storage, and electric vehicles.
Mr. Agyeman contended that this strategic pivot would enable GNPC to leverage its existing competencies and resources, including engineering and project management expertise, access to capital, and infrastructure assets.
Additionally, it would spawn new revenue avenues, markets, and bolster the Corporation’s Environmental, Social, and Governance (ESG) performance and reputation.
From PIAC’s perspective, amendments to the legislation governing GNPC could unlock opportunities for integrated energy solutions delivery to customers, encompassing electricity generation and distribution, energy efficiency and management, and energy trading and marketing.
This reimagining of GNPC’s mandate could position it as a holistic energy solutions provider, catering to evolving consumer needs and advancing Ghana’s energy landscape.
