The Parliament of Ghana has passed the Petroleum Production and Exploration Bill into law, replacing the Petroleum (Exploration and Production) Act of 1984.
The bill seeks to create a legal and regulatory framework to respond to new developments in the petroleum industry. It introduces new fiscal elements such as bonus payments and seeks to increase the minimum carried interest of the State in every petroleum agreements from current 10% to 15%. The new bill enhances transparency and prescribes requirement for competitive public tendering process and maintenance of petroleum register. It also provides for competitive public tendering processes in the award of petroleum blocks as well as introduces reconnaissance license and for the establishment of a Local Content Fund to support small and medium scale Ghanaian entities engaged in petroleum activities. Sources of the Fund would include "1% of the total consideration payable by the contractor or licensee.”
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.