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Exploration and Production Law will strengthen oil industry- Energy Minister

Ghana is determined to be a shining example in Africa and the world in general as far as the management of its oil and gas industry is concerned, the Minister for Energy and Petroleum, Emmanuel Armah-Kofi Buah, has said.

According to him, the various legislations put, and still being put in place to ensure transparency and efficiency in the oil sector would make the oil find a blessing to the country.

The Minister said this in Accra on Wednesday June 26, 2013 when he opened a stakeholder meeting on the draft Exploration and Production (E&P) Bill currently being put together for onward submission to Cabinet and subsequently to Parliament.

He said even though the law currently governing exploration and production, the PNDC Law 84, served the nation well, developments in the sector called for a comprehensive law to regulate the sector, particularly the upstream oil sector.

Mr Armah-Kofi Buah said the E&P law will strengthen the oil industry, adding that the draft bill contained all areas pertaining to the award of blocks, issues of transparency, local content and health, safety and environment (HSE) matters, among several others.

He called on stakeholders to make the necessary inputs to ensure a very solid final document acceptable to all.

During discussion time, inputs from civil society, oil companies, the Ghana Institute of Engineers and the National Insurance Commission were taken on board with several issues clarified. Also at the meeting were some educational institutions and other stakeholders who made various contributions.

The Chief Director of the Ministry of Energy and Petroleum, Professor Thomas Akabzaa, in his closing remarks thanked all the stakeholders for their contribution, saying that work was still in progress, therefore more inputs will be welcomed until the time is up for the final document to be sent to cabinet.

 

Source: myjoyonline.com

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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