GNPC on defensive over Jubilee criticism

In the spotlight: the Kwame Nkrumah FPSO on the Jubilee field

TULLOW OIL

By Barry Morgan

 26 July 2012 22:59 GMT

GHANA National Petroleum Corporation (GNPC) last weekend blasted critics for misrepresenting the company’s handling of public funds and for misleading civil society over the production prospects of the country’s flagship Jubilee field.

In a rare communique, the state oil company decried allegations of malfeasance it says were attributed to groups organised by the Ghana Extractive Industries Transparency Initiative (EITI) and influential local consultant Imani.

These alleged the failure last fiscal year to account for $208 million and refusal to pay dividends on 2011 earnings, and that Ghana’s investment in the Tullow Oil-operated Jubilee Phase-1a deep-water development had been higher than comparable field development costs around the globe.

In its response, GNPC insisted accounts were annually submitted to the Auditor General’s office with Parliament approving every…

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