Business News of Monday, 14 May 2012Source: citifmonline.com Any oil company seeking permit to work in the industry in Ghana would now have to do that at the National Petroleum Commission.

This is because the Commission has assumed its regulatory functions in Ghana’s oil and gas industry from effective May 1, this year.

The Petroleum Commission established last year by an Act will now regulate and monitor the management and utilization of petroleum resources and provide for related purposes.

The Chief Executive Officer of the Commission, Dr. Kwabena Donkor, explained there is currently a roll out plan that will see the commission eventually taking full regulatory functions by August this year.

“From 1st May we are taking over all the administrative responsibilities for registering and approving company licenses to come to work in the industry so we are rolling out over a period of time,” Dr. Donkor said.

“That is not to say we will not consult the GNPC, because it is our national oil company and it is important that the Commission as a regulator would consult GNPC, Ghana Gas Company and the contractors and try and fashion out workable arrangements for the industry.”

The Board Chairman would be Professor Ivan Addae-Mensah who was the former Vice Chancellor of the University of Ghana.

Other members of the board include Arthur Peters who is a lecturer at the University of Ghana and Alhaji Salifu Mahama, a member of the Civil Society group, the civil society platform on oil and gas. The board is expected to be sworn in by the President by the end of this week.

The Petroleum 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 applicable laws and regulations.

The same Commission will be responsible for receiving petroleum data, manage a national petroleum database and at the request of the Minister, undertake reconnaissance exploration including data acquisition; assess applications and issue permits for specific petroleum activities as required under petroleum laws and regulations.**