GNPC CEO lauds new operational headquarters in Takoradi amidst oil production concerns

Joseph Abuabu Dadzie, the CEO of the Ghana National Petroleum Corporation (GNPC), has recently inspected the near-complete GNPC Operational Headquarters in Takoradi.

Expressing his satisfaction, Mr Abuabu Dadzie commended the quality and design of the new building, attributing its success to the efforts of the regional minister and the GNPC works department.

“We are grateful to the regional minister who was very instrumental in getting us the land to build this operational head office,” he remarked. “It is my first-time tour of this building and I’m very impressed with the work that has been done here. The quality of finishing and the overall work are commendable and I hope that this will help improve the productivity of the staff who will work here.”

Leasing Opportunities

Joseph Abuabu Dadzie also revealed plans for utilizing the new space, which is 90% complete. “Some of the offices in here will be leased out to the public and some of them will be leased out to some of our partners. It’s almost completed, about 90 per cent done”, he explained.

“We will liaise with our sector ministry to determine when this building will be commissioned and inform the media accordingly”, Mr Abuabu Dadzie added.

Addressing Oil Production Decline

In light of a recent Public Interest and Accountability Committee (PIAC) report indicating a decline in Ghana’s crude oil production, Joseph Abuabu Dadzie addressed these concerns head-on. The report highlighted a drop from 71.44 million barrels in 2019 to 48.25 million barrels in 2023.

He acknowledged the need for increased production but emphasized that high oil prices have cushioned the impact on revenues.

“We need to increase our production but we also need to appreciate that revenue is a function of two parameters –price and volume. So it’ll be very fortunate that even though volume has declined a bit we’re still in the region of high oil prices, so revenue is still about stable. But of course, we need to work very hard to increase our reserves and also increase our production volumes.”

Future Outlook

He further stressed the importance of improving productivity and increasing reserves. “It is not going to stay the way it is; our responsibility is to make sure that we improve so I don’t think it’s going to stay the way it is. Otherwise there is no justification for why we should even be employed by the state. So the idea is to improve productivity and through that we should improve the volume of production that we currently have.”

Engaging with Western Regional House of Chiefs

The Western Regional House of Chiefs has praised Joseph Abuabu Dadzie, the newly appointed Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), for his respectful gesture of paying a courtesy call on them without prior invitation.

Awulae Angama Tu Agyan, Vice President of the House, highlighted the significance of Mr Dadzie’s visit, noting that it demonstrated humility and respect for traditional leaders. This visit marked the first time since Dr. Kofi Koduah Sarpong’s retirement in April 2022 that a GNPC CEO had engaged directly with the chiefs.

“When K.K. Sarpong left, someone came to replace him. We never saw him here, but see how quickly this new CEO [we are proud to call our son] has seen the need to come to us within the month he was appointed to interact with us,” he said.

In response, Mr Dadzie thanked the chiefs for their warm reception and assured them of his commitment to ongoing engagement. He mentioned plans to return with his board to address developmental concerns and complete stalled projects in the region. He reiterated the importance of paying homage to the chiefs, acknowledging their support for GNPC and its operations.

“There was no way I could have visited my staff here, led by Dr. Dominic Eduah, and decided not to pay homage to you, the owners of the land we operate on. As you all know, we are soon going to commission our Operational Headquarters here. When we come, I will use that opportunity to meet the entire house for further discussion”, Mr. Dadzie added.