Africa-Press – Gambia. The Gambia National Petroleum Corporation (GNPC) Thursday appeared before a parliamentary committee and reported generating more than D1.6 billion in revenue for the year ended December 2022.
Presenting the corporation’s annual activity report, financial statements and management letter before the National Assembly’s Public Enterprises Committee (PEC), GNPC officials provided an overview of operations and responded to questions regarding the institution’s financial performance and strategic direction.
Presenting the report, the corporation outlined its mandate, noting that GNPC was established in 2003 and incorporated in 2014 as a state-owned enterprise operating across the petroleum value chain, including upstream, midstream and downstream activities.
The committee was informed that GNPC was involved in petroleum exploration and the promotion of The Gambia’s oil blocks in collaboration with the Petroleum Commission and the Ministry of Petroleum and Energy. The corporation also holds shares in a jet fuel storage facility and is seeking to expand its presence in oil marketing and distribution.
Officials told lawmakers that the corporation began operations with 280 staff across 11 departments and units and has continued to invest in recruitment and capacity building, particularly in preparation for potential oil discoveries. Staff training, they say, remains a priority to ensure Gambians are adequately prepared to participate in the sector should commercial quantities of oil be discovered.
In the downstream segment, GNPC said it is implementing a roadmap aimed at strengthening its role in nationwide petroleum marketing and distribution.
The corporation also highlighted plans to expand renewable energy use within its facilities, targeting the solarisation of most operational units and Petroleum House by 2030. Several facilities are already operating on hybrid solar systems, officials added.
According to the financial statements presented, GNPC recorded revenue of D1,618,950,000 as of December 2022, with total sales amounting to D1,591,397,000. Lawmakers were also provided with comparative figures for December 2023, including reported revenue of D2,213,568,000.
GNPC maintains that it continues to play a stabilising role in the petroleum marketing sector while positioning itself strategically for future upstream developments.
The presentation forms part of PEC’s oversight function over state-owned enterprises, aimed at scrutinising operational performance, financial management and compliance with statutory requirements. Lawmakers are expected to review the submissions and issue recommendations in due course.
