New standard of measurement in oil and gas sector is sufficient – ​​CBOD

Patrick Kwaku Ofori, CEO of the Chamber of Wholesale Oil Distributors (CBOD)

The Chamber of Petroleum Oil Distributors (CBOD) has welcomed a new measurement standard in the oil and gas sector.

The new standard, developed by the Ghana Standards Authority (GSA) in collaboration with the Ministry of Trade and Industry and other stakeholders, is expected to provide revenue certainty in the oil and gas sector.

In its statement, CBOD welcomed the directive of the Ministry of Energy ordering all entities involved in revenue assurance measurements in the oil and gas sector to adapt to the new standard.

The Chamber concluded that a single, unified GSA-certified measurement system was sufficient to ensure data accuracy and reliability.

“CBOD underlines the importance of a streamlined and well-regulated oil and gas sector.

“The Chamber advocates a system in which the private sector would play a more important role in managing specific aspects and the government would maintain an overarching regulatory framework and enforce standards,” the statement reads.

The Chamber proposed a unified approach in which GSA-required meters could be installed either by the base, the National Petroleum Authority (NPA) or the Ghana Revenue Authority.

CBOD said that under the proposed agreement, GSA would be responsible for regularly calibrating the meters in line with international best practices.

The Chamber found that duplication of functions by several entities came at a cost to the consumer.

“The House recognizes the GRA’s desire to provide revenue certainty to the government.

“Nevertheless, any institution, private or public, authorized to undertake this on behalf of the government should do so in accordance with the standards set by both the GSA and the Department of Commerce to ensure a transparent and effective measurement system in the oil and gas sector,” she said Chamber.