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GNPC CEO: We are not averse to reserve-based lending

Opoku Ahweneeh Danquah is the new chief executive of Ghana National Petroleum Corporation (GNPC)

Opoku Ahweneeh Danquah is the new chief executive officer of GNPC

The CEO of the Ghana National Petroleum Corporation (GNPC), Opoku Ahweneeh Danquah, has said the national oil company is not averse to reserve-based lending.

He said collateralisation is not a new concept for businesses and that most oil companies do engage in it.

Ahweneeh Danquah was clarifying some issues raised in a speech presented on the topic ‘Securing Capital in the current financial landscape’, at the recent Africa Energy Week conference held in Cape Town, South Africa.

Danquah said most oil companies borrow money based on their crude oil reserves.
He encouraged what is right to engender a favourable end.

“It’s not the terms that I’m looking at but what happens in the end, and in the end what we owe and what we receive.”

Watch the interview below:

Speaking with Emmanuel Aboagye Wiafe on Asaase’s Energy 101 programme on Monday, Danquah also talked about the prospects of the country’s Voltaian basin and also shared his thoughts on integrating Ghana’s upstream and downstream petroleum sectors.

“We are going to drill in the Voltaian basin in the next two years and we have the capacity to do that. So we are shortening the time from exploration to production if we drill and find commercial quantities of oil.”

This year’s African Energy Week was held in Cape Town, South Africa under the theme, ‘Making Energy Poverty, History by 2030’.

The event brought together key industry players on the African continent as well as managers of some petroleum organizations globally.

Key on the agenda was energy transition and how emerging African oil and gas economies must approach the growing calls for a total shift of attention from fossil fuels and how innovative must Africa be able to raise funding to finance huge renewable energy projects.

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