Bill To Ensure Prudent Management Of Oil Resources Before Parliament

The Minister of Petroleum, Emmanuel Armah Kofi Buah says a new bill which replaces the Petroleum law that seeks to ensure transparent and prudent management of Ghana's Oil and Gas resources is currently before Parliament. 

The new Bill, Petroleum Measurement Regulations among other things establish a local content fund to provide financial resources for the education and training of Ghanaians as well as give loans to those engaged in the oil and gas sectors. 

Speaking at the Meet-The-Press-Series in Accra, Mr Buah, also hinted that two additional oil and gas regulations are also being developed to ensure that the sector receives the facelift it deserves.

Mr Buah said as part of efforts to make Ghana a Petroleum hub in the sub-region, the Bulk Oil Distribution Company has begun distribution of Petroleum products by sea to the neighbouring countries.

Mr Buah said government has increased the capacity of institutions in the sector while contract to local companies have increased to about 73 percent in 2016.

GBC