The Ghana Chamber of Bulk Oil Distributors (CBOD) has expressed its support for a new directive issued by the Ministry of Energy, addressing a letter to the Ghana Revenue Authority (GRA) about the implementation of a unified measurement standard in the oil and gas sector.
This new standard, developed collaboratively by the Ghana Standards Authority (GSA) with the Ministry of Trade and Industry and other stakeholders, aims to ensure accurate and reliable data across the sector.
In a press statement, the CBOD welcomed the Ministry’s directive mandating all entities involved in revenue assurance measurements within the oil and gas sector to adhere to the new standard.
The Chamber emphasized that a single, unified measurement system certified by the GSA is adequate to provide precise and dependable data, crucial for maintaining the integrity and efficiency of the sector.
“CBOD emphasizes the importance of a streamlined and well-regulated oil and gas sector. The Chamber advocates for a system where the private sector plays a more prominent role in managing specific aspects with the government maintaining an overarching regulatory framework and enforcing standards.”
Chamber of Bulk Oil Distributors (CBOD)
To further this goal, the CBOD has proposed a standardized approach to measurement and calibration within the sector. This approach suggests that meters mandated by the GSA could be installed by either the Depot, the National Petroleum Authority (NPA), or the GRA.
The responsibility for the regular calibration of these meters would lie with the GSA, ensuring consistency and reliability in measurements.
“This system aligns with international best practices, where standard authorities handle meter calibration, eliminating the need for duplication by several entities, which comes at a cost to the consumer,” the statement read.
By adopting such a standardized system, the CBOD believes that the sector can achieve greater transparency and cost-efficiency.
Ensuring National Interest and Regulatory Oversight
The Chamber stressed the importance of the GSA’s role in maintaining standards, which is crucial for the state’s best interests. All regulations within the sector should ultimately serve the national interest and be subject to stringent state and regulatory oversight.
While acknowledging the GRA’s efforts to ensure revenue assurance for the government, the CBOD emphasized that any institution, whether private or public, tasked with this responsibility must comply with the standards set by both the GSA and the Ministry of Trade and Industry. This compliance is essential to maintain a transparent and efficient measurement system within the oil and gas sector.
The CBOD also welcomed initiatives by the Ministry of Energy to lead further dialogue with relevant stakeholders. Such collaborative efforts are seen as vital to ensuring a transparent and efficient measurement system within the sector.
“The Chamber of Bulk Oil Distributors remains committed to supporting initiatives that enhance the integrity and efficiency of the oil and gas sector.
“We believe that ongoing dialogue and collaboration among all stakeholders will lead to the successful implementation of these new standards, ultimately benefiting the entire industry and the nation as a whole.”
Chamber of Bulk Oil Distributors (CBOD)
This development comes in the wake of ongoing efforts by the Ghanaian government to strengthen regulatory frameworks within the oil and gas sector. Accurate measurement systems are critical for revenue assurance, operational efficiency, and maintaining investor confidence.
The new standards are expected to address long-standing issues related to measurement inconsistencies and discrepancies, which have posed challenges for both the government and private sector operators.
The Ghana Chamber of Bulk Oil Distributors’ support for the new measurement standards underscores the importance of unified and regulated systems in the oil and gas sector. By advocating for a streamlined approach and emphasizing the role of the GSA, the CBOD is helping to pave the way for a more transparent, efficient, and cost-effective industry.
The Chamber’s call for continued dialogue and collaboration highlights the collective effort required to implement these standards successfully and ensure their long-term benefits for Ghana’s oil and gas sector.
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