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Ghana Oil Company

January 01, 1970

"GOIL" redirects here. For the Scottish loch, see Loch Goil.

GOIL PLC formerly known as GOIL Company Limited (GOIL) and Ghana Oil Company and also known as GOIL, is a state-owned Ghanaian oil and gas marketing company, formed on 14 June 1960.[3] Currently it holds the place of Ghana's top oil marketing company, and is the only indigenous owned petroleum marketing company in Ghana.[4]

GOIL Ghana Limited
Company typePublic
GSE: GOIL
IndustryPetroleum
Founded14 June 1960
Headquarters
House. No. D659/4,
Kojo Thompson Road,
Accra, Greater Accra, Ghana
Key people
K. Osei-Prempeh (group CEO)[1]
Mr Reginald Daniel Laryea (chairman)[2]
ProductsPetroleum
Natural gas
Petroleum products
OwnerGovernment of Ghana
Websitewww.goil.com.gh
Goil in Accra

History edit

Founding edit

Founded in 1960, GOIL began as a private enterprise named AGIP Ghana Company Limited, with major shareholders being AGIP SPA of Italy and SNAM S.P.A. It took over from the marketing outfit of AGIP PETROLI, a subsidiary that was established in Ghana in 1960.[3] It was initially founded as a company producing fossil fuel products such as fuel, propane and butane, asphalt, and lubricants. In 1968 SNAM S.P.A. transferred its shares to Hydrocarbons International Holdings.[5] In 1974, the Government of Ghana acquired 100 percent shares and the name was changed from AGIP Ghana Company Limited to Ghana Oil Company Limited.[6][3]

Again, In 2019, the Company changed its name to GOIL Company Limited and later to GOIL PLC, to represent its growth and expansion works in the petroleum sector and other industries.[3]

Ownership edit

In 1974 Ghana bought AGIP SPA's and Hydrocarbons International Holdings’ shares. In 2007 GOIL's board approved becoming a public company, making the company a state-owned enterprise (SOE). The shareholding structure of GOIL PLC is as follows: Government of Ghana currently owns 34.23%, Social Security and National Insurance Trust (SSNIT) owns 25%, Bulk Oil Storage And Transportation Co Ltd (BOST) owns 20.03% and other private investors own 20.74% of its shares.[3] These shares are held through Social Security and National Insurance Trust (SSNIT), an agency charged with Ghana's pension system. The SSNIT holds these shares because it has an interest in major aspects of Ghana's economy because it needs sectors to do well in order to insure pensions.[6]

2010–2012 rebranding edit

Due to deregulation efforts in 2005 among downstream petroleum companies, GOIL began to lose its market dominance. The method the company employed to address the revenue losses from increased competition was to embark on a rebranding strategy that included a new logo and a new slogan of "energy with a smile."[7] The new logo expresses the positive flow of energy to represent movement, energy, life, warmth, harmony, organic and growth.[8] They also completed ISO certification, giving both customers and shareholders more confidence in GOIL's products. More service stations were added as part of the initiative.[9] Efforts are still being made to further improve customer satisfaction, increased shareholder value. The rebranding has overall been considered successful, and has kept GOIL as the country's top petroleum marketer.[4]

2015 Explosion edit

On 4 June 2015, a GOIL fuel station in Accra exploded. The station had been used as a shelter for victims of the 2015 Accra floods, and the disaster was compounded by floodwaters as gas floated and spread. The death toll was at least 150 people.[5] In 2018, 69 victims filed a class action lawsuit for GH₵40 million in damages, and GH₵1 million for hospital bills and transportation against the specific GOIL station, the National Petroleum Authority, and Accra's mayor, Alfred Oko Vanderpuije.[10]

ExxonMobil Partnership edit

In October 2018, Ghana began asking for bids from domestic and international oil companies to explore offshore oil reserves.[11] In December 2018 it was announced that GOIL, in partnership with ExxonMobil and Ghana National Petroleum Corporation (GNPC) would be entering into deep-water oil exploration in the Cape Three Points area.[12][13] This move is supposed to strengthen Ghana's indigenous presence in the petroleum industry, and increase domestic oil production.[14] For GOIL, engaging in deep-water oil exploration would mean shifting towards being an upstream petroleum company.[13]

Leadership edit

Mr Reginald Daniel Laryea, who is also a Past President of the Advertising Association of Ghana has been the Board Chairman of GOIL PLC since September 2021.[15]

Kwame Osei- Prempeh serves as Goil's chief executive officer, managing director, and executive director since December, 2019. Before his appointment, he had been a Board Member of GOIL since 2017. He has also gained rich experience from Private Practice as a senior legal practitioner and as a Public servant.[16]

Awards and recognition edit

Goil has won numerous awards, including first place in the Ghana Energy Awards for petroleum company of the year in 2001, 2005, 2007, and 2008. It also consistently places first in Chartered Institute of Marketing Ghana (CIMG) awards for petroleum company of the year.[17]

In 2018, Chairman Peter Bartels was awarded "Outstanding Board Chairman of the year 2018" in Accra's 9th Entrepreneur and Corporate Executive Awards.[18]

In 2019 the company picked up the Chartered Institute of Marketing Ghana (CIMG) Hall of Fame Award in the Elite Category under 10 years.[19]

Operations edit

The company's main business is the marketing and distribution of petroleum products in Ghana. The biggest chunk of its sales comes from the sale of diesel and gasoline.[20] The company is manned by a Fifteen (15)-member management team headed by the managing director.[20][21]

Throughout Ghana, GOIL has five regional offices that serve as distribution points in Accra, Tema, Kumasi, Takoradi, and Tamale.[7] However, the main distribution points for fuels are Liaison Office, Central Depot, and the Accra Plains Depot all within the Tema catchment area, and the Takoradi Depot.[20][21]

GOIL has the largest retail network across Ghana. The company also has numerous consumer outlets throughout Ghana.[20][21] The consumer outlets include companies, schools, hospitals, factories, hotels, banks and major parastatals.[20] In addition, GOIL has a number of other retail outlets established to market premix fuel and kerosene to rural areas in Ghana.[20][21] LP Gas filling plants have also been installed at some of the filling and service stations and at other locations in Ghana.[20][21]

Currently, GOIL's technical partners are ENI SPA (AGIP) of Italy.[20]

See also edit

References edit

  1. ^ "Management Team". goil.com.gh. Retrieved 2023-08-04.
  2. ^ "Board of Directors". goil.com.gh. Retrieved 2023-08-04.
  3. ^ a b c d e "About Us". GOIL PLC. Retrieved 2023-07-31.
  4. ^ a b Adombila, Maxwell Akalaare (2018-08-30). "GOIL, symbol of the Ghanaian ingenuity". Graphic Ghana. Retrieved 2019-05-07.
  5. ^ "Overview". Goil Ghana. Retrieved 2019-05-13.
  6. ^ a b "GOIL Chalks 50". GhanaWeb. 30 November 2001. Retrieved 2019-04-02.
  7. ^ a b Amoako, George K.; Okpattah, Bernard K.; Gameti, Daniel; Attatsitsey, Mayqueen (August 2017). "Re-branding and Performance at Ghana Oil Company Limited: An Empirical Study". African Journal of Business & Economic Research. 12 (2/3): 91–111. doi:10.31920/1750-4562/2017/v12n2_3a3.
  8. ^ "Story behind the GOIL logo". Goil Ghana. Retrieved 2019-05-13.
  9. ^ "Goil, breaking new grounds in downstream sector". BusinessGhana. Retrieved 2019-05-13.
  10. ^ "June 3 disaster: Victims sue Goil, AMA for GH¢40m". Graphic Ghana. 23 May 2018. Retrieved 2019-05-07.
  11. ^ "Ghana Approves State Oil Company As Partner In Exxon Mobil Deepwater Field". Hart Energy. Retrieved 2019-05-13.
  12. ^ "Ghana starts to think big". petroleum-economist. Retrieved 2019-04-02.
  13. ^ a b "GOIL, ExxonMobil Partner To Explore Oil". DailyGuide Network. 2018-11-30. Retrieved 2019-05-12.
  14. ^ "GOIL's partnership with ExxonMobil in national interest – Agyemang Duah". Graphic Ghana. 5 November 2018. Retrieved 2019-05-09.
  15. ^ GNA (2021-09-19). "Reginald Daniel Laryea now GOIL Board Chairman". Ghana News Agency. Retrieved 2023-07-31.
  16. ^ "Kwame Osei-Prempeh". Ghana CEO Summit. Retrieved 2023-07-31.
  17. ^ "GOIL wins 2017 CIMG PETROLEUM COMPANY of the year". Goil Ghana. Retrieved 2019-04-02.
  18. ^ Ibrahim, Rashida (2019-05-07). "GOIL board chairman grabs top entrepreneurs award". Business & Financial Times Online. Retrieved 2019-05-12.
  19. ^ "List of winners at CIMG Awards 2019". MyJoyOnline. 2020-11-14. Retrieved 2020-11-16.
  20. ^ a b c d e f g h . Archived from the original on 2019-03-03. Retrieved 2019-03-16.
  21. ^ a b c d e Ghana Oil Co Ltd (GOIL.GH). reuters.com (Reuters).

External links edit

  • Ghana Oil Company official homepage
  • GhanaWeb.com
  • Ghana Oil Company - 2017 Annual Report & Financial Statements

January 01, 1970
ghana, company, goil, redirects, here, scottish, loch, loch, goil, this, article, needs, updated, please, help, update, this, article, reflect, recent, events, newly, available, information, june, 2015, goil, formerly, known, goil, company, limited, goil, also. GOIL redirects here For the Scottish loch see Loch Goil This article needs to be updated Please help update this article to reflect recent events or newly available information June 2015 GOIL PLC formerly known as GOIL Company Limited GOIL and Ghana Oil Company and also known as GOIL is a state owned Ghanaian oil and gas marketing company formed on 14 June 1960 3 Currently it holds the place of Ghana s top oil marketing company and is the only indigenous owned petroleum marketing company in Ghana 4 GOIL Ghana LimitedCompany typePublicTraded asGSE GOILIndustryPetroleumFounded14 June 1960HeadquartersHouse No D659 4 Kojo Thompson Road Accra Greater Accra GhanaKey peopleK Osei Prempeh group CEO 1 Mr Reginald Daniel Laryea chairman 2 ProductsPetroleumNatural gasPetroleum productsOwnerGovernment of GhanaWebsitewww wbr goil wbr com wbr gh Goil in AccraContents 1 History 1 1 Founding 1 2 Ownership 1 3 2010 2012 rebranding 1 4 2015 Explosion 1 5 ExxonMobil Partnership 2 Leadership 3 Awards and recognition 4 Operations 5 See also 6 References 7 External linksHistory editFounding edit Founded in 1960 GOIL began as a private enterprise named AGIP Ghana Company Limited with major shareholders being AGIP SPA of Italy and SNAM S P A It took over from the marketing outfit of AGIP PETROLI a subsidiary that was established in Ghana in 1960 3 It was initially founded as a company producing fossil fuel products such as fuel propane and butane asphalt and lubricants In 1968 SNAM S P A transferred its shares to Hydrocarbons International Holdings 5 In 1974 the Government of Ghana acquired 100 percent shares and the name was changed from AGIP Ghana Company Limited to Ghana Oil Company Limited 6 3 Again In 2019 the Company changed its name to GOIL Company Limited and later to GOIL PLC to represent its growth and expansion works in the petroleum sector and other industries 3 Ownership edit In 1974 Ghana bought AGIP SPA s and Hydrocarbons International Holdings shares In 2007 GOIL s board approved becoming a public company making the company a state owned enterprise SOE The shareholding structure of GOIL PLC is as follows Government of Ghana currently owns 34 23 Social Security and National Insurance Trust SSNIT owns 25 Bulk Oil Storage And Transportation Co Ltd BOST owns 20 03 and other private investors own 20 74 of its shares 3 These shares are held through Social Security and National Insurance Trust SSNIT an agency charged with Ghana s pension system The SSNIT holds these shares because it has an interest in major aspects of Ghana s economy because it needs sectors to do well in order to insure pensions 6 2010 2012 rebranding edit Due to deregulation efforts in 2005 among downstream petroleum companies GOIL began to lose its market dominance The method the company employed to address the revenue losses from increased competition was to embark on a rebranding strategy that included a new logo and a new slogan of energy with a smile 7 The new logo expresses the positive flow of energy to represent movement energy life warmth harmony organic and growth 8 They also completed ISO certification giving both customers and shareholders more confidence in GOIL s products More service stations were added as part of the initiative 9 Efforts are still being made to further improve customer satisfaction increased shareholder value The rebranding has overall been considered successful and has kept GOIL as the country s top petroleum marketer 4 2015 Explosion edit On 4 June 2015 a GOIL fuel station in Accra exploded The station had been used as a shelter for victims of the 2015 Accra floods and the disaster was compounded by floodwaters as gas floated and spread The death toll was at least 150 people 5 In 2018 69 victims filed a class action lawsuit for GH 40 million in damages and GH 1 million for hospital bills and transportation against the specific GOIL station the National Petroleum Authority and Accra s mayor Alfred Oko Vanderpuije 10 ExxonMobil Partnership edit In October 2018 Ghana began asking for bids from domestic and international oil companies to explore offshore oil reserves 11 In December 2018 it was announced that GOIL in partnership with ExxonMobil and Ghana National Petroleum Corporation GNPC would be entering into deep water oil exploration in the Cape Three Points area 12 13 This move is supposed to strengthen Ghana s indigenous presence in the petroleum industry and increase domestic oil production 14 For GOIL engaging in deep water oil exploration would mean shifting towards being an upstream petroleum company 13 Leadership editMr Reginald Daniel Laryea who is also a Past President of the Advertising Association of Ghana has been the Board Chairman of GOIL PLC since September 2021 15 Kwame Osei Prempeh serves as Goil s chief executive officer managing director and executive director since December 2019 Before his appointment he had been a Board Member of GOIL since 2017 He has also gained rich experience from Private Practice as a senior legal practitioner and as a Public servant 16 Awards and recognition editGoil has won numerous awards including first place in the Ghana Energy Awards for petroleum company of the year in 2001 2005 2007 and 2008 It also consistently places first in Chartered Institute of Marketing Ghana CIMG awards for petroleum company of the year 17 In 2018 Chairman Peter Bartels was awarded Outstanding Board Chairman of the year 2018 in Accra s 9th Entrepreneur and Corporate Executive Awards 18 In 2019 the company picked up the Chartered Institute of Marketing Ghana CIMG Hall of Fame Award in the Elite Category under 10 years 19 Operations editThe company s main business is the marketing and distribution of petroleum products in Ghana The biggest chunk of its sales comes from the sale of diesel and gasoline 20 The company is manned by a Fifteen 15 member management team headed by the managing director 20 21 Throughout Ghana GOIL has five regional offices that serve as distribution points in Accra Tema Kumasi Takoradi and Tamale 7 However the main distribution points for fuels are Liaison Office Central Depot and the Accra Plains Depot all within the Tema catchment area and the Takoradi Depot 20 21 GOIL has the largest retail network across Ghana The company also has numerous consumer outlets throughout Ghana 20 21 The consumer outlets include companies schools hospitals factories hotels banks and major parastatals 20 In addition GOIL has a number of other retail outlets established to market premix fuel and kerosene to rural areas in Ghana 20 21 LP Gas filling plants have also been installed at some of the filling and service stations and at other locations in Ghana 20 21 Currently GOIL s technical partners are ENI SPA AGIP of Italy 20 See also edit nbsp Africa portal nbsp Energy portal nbsp Companies portal List of oil exploration and production companies Oil reserves in Ghana Economy of GhanaReferences edit Management Team goil com gh Retrieved 2023 08 04 Board of Directors goil com gh Retrieved 2023 08 04 a b c d e About Us GOIL PLC Retrieved 2023 07 31 a b Adombila Maxwell Akalaare 2018 08 30 GOIL symbol of the Ghanaian ingenuity Graphic Ghana Retrieved 2019 05 07 Overview Goil Ghana Retrieved 2019 05 13 a b GOIL Chalks 50 GhanaWeb 30 November 2001 Retrieved 2019 04 02 a b Amoako George K Okpattah Bernard K Gameti Daniel Attatsitsey Mayqueen August 2017 Re branding and Performance at Ghana Oil Company Limited An Empirical Study African Journal of Business amp Economic Research 12 2 3 91 111 doi 10 31920 1750 4562 2017 v12n2 3a3 Story behind the GOIL logo Goil Ghana Retrieved 2019 05 13 Goil breaking new grounds in downstream sector BusinessGhana Retrieved 2019 05 13 June 3 disaster Victims sue Goil AMA for GH 40m Graphic Ghana 23 May 2018 Retrieved 2019 05 07 Ghana Approves State Oil Company As Partner In Exxon Mobil Deepwater Field Hart Energy Retrieved 2019 05 13 Ghana starts to think big petroleum economist Retrieved 2019 04 02 a b GOIL ExxonMobil Partner To Explore Oil DailyGuide Network 2018 11 30 Retrieved 2019 05 12 GOIL s partnership with ExxonMobil in national interest Agyemang Duah Graphic Ghana 5 November 2018 Retrieved 2019 05 09 GNA 2021 09 19 Reginald Daniel Laryea now GOIL Board Chairman Ghana News Agency Retrieved 2023 07 31 Kwame Osei Prempeh Ghana CEO Summit Retrieved 2023 07 31 GOIL wins 2017 CIMG PETROLEUM COMPANY of the year Goil Ghana Retrieved 2019 04 02 Ibrahim Rashida 2019 05 07 GOIL board chairman grabs top entrepreneurs award Business amp Financial Times Online Retrieved 2019 05 12 List of winners at CIMG Awards 2019 MyJoyOnline 2020 11 14 Retrieved 2020 11 16 a b c d e f g h Overview Archived from the original on 2019 03 03 Retrieved 2019 03 16 a b c d e Ghana Oil Co Ltd GOIL GH reuters com Reuters External links editGhana Oil Company official homepage GhanaWeb com Ghana Oil Company 2017 Annual Report amp Financial Statements Retrieved from https en wikipedia org w index php title Ghana Oil Company amp oldid 1200081860, wikipedia, wiki, book, books, library,

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