GNPC CEO, Freddie Blay are beneficial owners of Jubilee Oil Holdings - ACEP

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Come clear on financing $199m acquisition of Jubilee, TEN Oil Fields - ACEP to GNPC

African Center for Energy Policy (ACEP) has disclosed that the Chief Executive Officer of Ghana National Petroleum

Read full articleCorporation (GNPC), Dr K.K Sarpong and Board Chair, Freddie Blay are owners of offshore company, Jubilee Oil Holdings, registered in Cayman Islands.

ACEP's policy, lead for petroleum and conventional energy, Kodzo Yaotse, at a press conference in Accra on Thursday, January 13, 2022, asserted that because the GNPC CEO is a shareholder in Jubilee Oil Holdings, he diverted the 7% interest on the Jubilee, TEN Oil Fields to his company instead of Explorco.

He furthered that Dr K. K. Sarpong intended to use Jubilee Oil Holdings to pay off loans before the 7% commercial interest reverts to Explorco.

"ACEP can confirm that the Corporation is not assigning the interest to Explorco. GNPC at the time of communicating to the public knew that its intention was to assign the interest to a company called Jubilee Oil Holdings, registered in the Cayman Islands, with Dr K.K Sarpong and Mr Freddie Blay as directors," Mr Yaotse said.

"ACEP's search has not yet ascertained beneficial owners of Jubilee Oil Holding. It is important to note that the representation of the CEO and Board Chair of GNPC with their names in the general registry of Cayman Islands is not enough proof that GNPC is the owner of the Jubilee Oil Holdings. However, in the absence of evidence on shareholders of Jubilee Oil Holding, we proceed with the assumption that GNPC owns the company," he added.

The policy think tank, therefore, called on the Ghana National Petroleum Corporation to give more insight into how it intends to finance the $199 million acquisition of Jubilee and TEN Oil Fields ceded to it by Kosmos Energy.