The Chamber of Bulk Oil Distributors (CBOD) has acknowledged the receipt of a letter from the Ministry of Energy, which was addressed to the Ghana Revenue Authority (GRA), regarding a new standard for measurements in the oil and gas sector.
This standard was collaboratively developed by the Ghana Standards Authority (GSA) alongside the Ministry of Trade and Industry and other key stakeholders.
The Ministry of Energy has mandated all entities involved in revenue assurance measurements within the oil and gas sector to adhere to the new standard, a move welcomed by the CBOD.
The Chamber believes that a unified measurement system certified by the GSA will ensure the accuracy and reliability of data, which is crucial for the sector.
CBOD highlights the importance of a streamlined and well-regulated oil and gas industry. The Chamber advocates for a system where the private sector is actively involved in managing specific aspects, while the government maintains an overarching regulatory framework and enforces standards.
The Chamber proposes a standardized approach whereby meters mandated by the GSA could be installed by entities such as the Depot, the National Petroleum Authority (NPA), or the Ghana Revenue Authority.
The GSA would then be responsible for the regular calibration of these meters. This approach aligns with international best practices, where standard authorities manage meter calibration to avoid duplication and reduce costs for consumers.
The GSA’s role in ensuring and maintaining standards is seen as beneficial for the state. CBOD asserts that all regulations within the sector should ultimately serve the national interest and be subject to state and regulatory oversight.
While recognizing the GRA’s efforts to ensure revenue assurance for the government, the Chamber emphasizes that any institution, whether private or public, mandated to undertake this responsibility on behalf of the government, should comply with the standards set by both the GSA and the Ministry of Trade and Industry.
This compliance is essential for ensuring a transparent and efficient measurement system within the oil and gas sector.
CBOD expresses support for the Ministry of Energy’s initiatives to lead further dialogue with relevant stakeholders. The Chamber believes that ongoing discussions will help ensure a transparent and efficient measurement system within the oil and gas sector, ultimately benefiting the entire nation.