Oil sector regulations should serve national interest and be subject to oversight — CBOD

The Ghana Chamber of Bulk Oil Distributors (CBOD) has voiced its support for a new national standard for measurements in the country's oil and gas industry.

The standard, developed by the Ghana Standards Authority (GSA) with input from various stakeholders, aims to bring improved oversight and accuracy to revenue collection.

In a statement issued on June 26 , the CBOD welcomed a directive from the Ministry of Energy requiring all entities involved in revenue assurance measurements to adhere to the new standard.

“The CBOD believes that a single unified measurement system certified by the GSA is sufficient to ensure accurate and reliable data," a CBOD statement read in part.

It advocates for a systematic approach where meters could be installed either at distribution depots, by the National Petroleum Authority, or the Ghana Revenue Authority.

But suggested that the GSA handle regular calibration to maintain standards.

"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 CBOD explained.

According to the statement, "All regulations within the sector should ultimately serve the national interest and be subject to state/regulatory oversight."

While the Ghana Revenue Authority's mandate to ensure government revenue is acknowledged, the CBOD stresses the need for compliance with GSA and industry ministry standards for a "transparent and efficient measurement system."

The new measurement standard aims to bring uniform procedures and accountability to how oil and gas volumes are tracked for tax and export purposes.