CBOD endorses new standard for oil and gas sector measurements by Energy Ministry
The Chamber of Bulk Oil Distributors (CBOD) has endorsed the Ministry of Energy’s new directive to standardize measurements in the oil and gas sector, a move aimed at enhancing revenue assurance.
This standard, collaboratively developed by the Ghana Standards Authority (GSA), the Ministry of Trade and Industry, and other stakeholders, requires compliance from all entities engaged in revenue assurance within the sector.
In a statement, CBOD praised the directive, advocating for a unified measurement system certified by the GSA to ensure precise and reliable data.
The Chamber highlighted the importance of a streamlined and well-regulated oil and gas sector, with the private sector playing a pivotal role in management under the government’s overarching regulatory framework.
CBOD proposed a standardized approach where meters mandated by the GSA could be installed by depots, the National Petroleum Authority (NPA), or the Ghana Revenue Authority (GRA), with the GSA responsible for regular calibration.
This method aligns with international best practices, where standard authorities oversee meter calibration, thereby eliminating costly duplications for consumers.
The Chamber underscored the critical role of the GSA in maintaining standards, which it views as being in the state’s best interests. It stressed that all regulations within the sector should ultimately serve the national interest and be subject to state or regulatory oversight.
While acknowledging the GRA’s efforts to ensure revenue assurance for the government, CBOD insisted that any institution, whether private or public, mandated to undertake such tasks must adhere to standards set by the GSA and the Ministry of Trade and Industry to ensure a transparent and efficient measurement system.
CBOD also welcomed the Ministry of Energy’s initiative to engage further dialogue with relevant stakeholders to ensure a transparent and efficient measurement system within the oil and gas sector.
