Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Review Oil and Gas Bill now!

parliament

The Executive Director of Ghana Institute of Governance and Security Mr. David Agbee has expressed a great worry about the manner in which the Oil and Gas Industry is being managed in the country.

”Before production begun regional workshops were held in the 10 regional capitals soliciting views from Ghanaians as how the first US$5 billion for the first 5years would be spent. Three years down the line not even half of the amount has been realized; US$ 1.78 billion was earned while the Foreign Oil Companies whom we call our contractors made away with US$ 7.586 billion. The total investment of about US$ 3.50 billion which Ghana also contributed to was realized in three years. By the end of first quarter ending 31st March, 2014, Ghana earned US$ 2.089 billion while the contractors earned US$ 8.448 billion” he said.

Mr. Agbee , made this sentiment when Ghana United Nations Association [ GUNA] held their regional Congress bi- annual in Accra. According to him, the Modern Concession Draft Bill which seeks to consolidate into law, under which Oil Companies are currently operating on in Ghana, is the caused.

He has therefore called on the President to withdraw the Bill and as matter of urgency to invite an independent International Experts in these matters to review the Draft Bill to fall in line with the Pure Production Agreement. This he said is the only way to achieving full maximum benefits from the Oil and Gas Industry.
He said, by adopting the Pure Production Sharing Agreement with its additional revenue accruing to Ghana, government would have enough resources to undertake the massive infrastructural development the country needs.

“We also humbly demand review of all existing Contracts and Agreements so far entered into by the Independent International Experts to reflects Production Sharing Agreement fiscal regime, to uphold and protect the ownership rights of the people of Ghana as enshrined in Article 257, Section 6 of the Constitution of the Republic of Ghana and in consonant with UN Charters and Resolutions on Natural Resources” he added.
The Acting President of the Greater Accra Region, Ghana United Nations Association [GUNA] Mrs. Cherie Hammond, in an interview also noted that to maintain peace and tranquility in the country, there is a need to ensure that the resources are being used judiciously since conflicts and wars occurred in others countries as the result the mismanagement these resources.

”The Ghana United Nation Association as offshoot of the United Nations and also accredited member of the World Federation of the of the United Nations Association, we are proud that we are currently spread over all over the country working assiduously to maintain the peace process of our country” she said.

Source; SpyGhana

 

 

 

Profile photo of Editor
Follow Us

Editor

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
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar