Business News of Sun, 9 Oct 20161
Petroleum Ministry develops new regulations on oil & gas sector
The Minister of Petroleum, Emmanuel Armah Kofi Buah has outlined that his outfit is advancing moves for Parliament to pass three new regulations to augment the new Petroleum Exploration and Production Act.
Mr. Buah also explains that the three regulations are expected to strengthen operations in Ghana’s oil and gas sector and ensure value for money.
The three new regulations will border on Petroleum Measurement, Environmental Health and Safety as well as Data Management.
According to Emmanuel Buah the Petroleum Measurement regulation has already been presented while the remaining two, are expected to be laid as the House resumes sitting next Tuesday.
“New regulations are being developed to give effect to the provisions of the new Petroleum Exploration and Production Act. They include the Petroleum measurement regulations which have been finalized and have already been laid before Parliament prior to the recent recess,” he stated.
Mr. Buah added, “It is also expected that two additional regulations on health, safety and environment and data management will be placed before parliament when the House resumes sitting.”
Parliament in August this year, passed the Petroleum Exploration and Production Bill, nine years after commercial exploration of oil in the country.
The law which repealed the PNDC Law 84, is among others expected to align operations of the country’s oil and gas sector with modern and international practices.
Civil societies including the African Centre for Energy Policy (ACEP) and the Ghana Extractive Industries Transparency Initiative (GHEITI), have since lauded the passage of the E&P Bill.
According to them, the move will restore confidence in the country’s oil and gas sector as opportunities will be created for competitive bidding.
But the co-Chair of GHEITI, Dr. Steve Manteaw had called for regulations to facilitate the passage of regulations to guide some provisions such as the discretionary powers of the Minister.
Also, the Chairman of the Parliamentary Select Committee on Mines and Energy, Alhaji Ahamadu Sorogo has hinted that the regulations on the E& P Bill are expected to be completed by end of 2018.