Skip to main content

Petroleum Commission starts registering firms


By Fred Sarpong
The Petroleum Commission (PC), the regulator of the petroleum industry in Ghana has started registering all companies operating in and around the petroleum sector in the country.
The initiative by the commission is to identify the number of both local and international companies currently operating in the petroleum sector.
Dr. Juliette Twumasi-Anokye, Legal Advisor to the commission announced this at the official launch of the Offshore West African conference in Accra. ‘It will also allow us to know the number of Ghanaians employed within the petroleum sector,’ said Dr. Twumasi-Anokye.
In an interview with Business Week, Dr. Twumasi-Anokye said they are registering every company operating under the laws of Ghana in the petroleum sector, including the Ghana National Petroleum Company (GNPC).
According to her, during the registration all companies must pay fees to the commission. She stated that local companies, with majority shareholding of about 51% belonging to Ghanaians must pay GHc2,000 as registration fees.
However, exploration and service firms operating within the petroleum sector with foreign majority stake will pay a registration fee of US$7,000 and above.
She indicated that the commission has registered quite number companies and more companies are also coming in for licenses before can operate in the petroleum sector.
Dr. Twumasi-Anokye said before the registration is done, there are certain criteria’s that will be demanded. These include the details of the company’s directors, stated capital and shareholding structure of the company.
The Petroleum Commission was established by an ACT and is to regulate and monitor the management and utilization of petroleum resources and provided for related purposes. This means that the GNPC now been regulated by the commission.
The PC expected to promote, planned and executed sustainable and cost efficient petroleum activities in Ghana, in order to have a petroleum sector that will benefit the entire nation.
It will advice the Energy Minister on matters related to petroleum activities and recommend to the Minister, national policies that borders petroleum activities. It will also monitor and ensure compliance with national policies related to petroleum activities.
The commission is expected to ensure optimal utilization of existing and planned petroleum infrastructure so that contractors, subcontractors and other persons involved in petroleum activities comply with application laws and regulations.
It will be responsible for receiving petroleum data, manage a national petroleum database and at the request of the Minister, undertake reconnaissance exploration including data acquisitions, assess applications and issue permits for specific petroleum activities as required under petroleum laws and regulations.

 

Comments

Popular posts from this blog

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…