The Chamber of Bulk Oil Distributors’ (CBOD) has welcomed the new standard for measurements in the oil and gas sector.

The new standard, developed by the Ghana Standards Authority (GSA) in collaboration with the Ministry of Trade and Industry and other stakeholders is expected to ensure revenue assurance in the oil and gas sector.

In a statement, the CBOD applauded a directive by the Ministry of Energy, mandating all entities involved in revenue assurance measurements within the oil and gas sector to comply with the new standard .

The Chamber said a single unified measurement system certified by the GSA is sufficient to ensure accurate and reliable data.

“CBOD emphasises the importance of a streamlined and well-regulated oil and gas sector.

The Chamber advocates for a system where the private sector plays a more prominent role in managing specific aspects with the government maintaining an overarching regulatory framework and enforcing standards,” the statement said.

The Chamber proposed a standardised approach, where meters mandated by the GSA could be installed by either the Depot, the National Petroleum Authority (NPA), or the Ghana Revenue Authority.

Under the proposed arrangement, the CBOD said the GSA would be responsible for the regular calibration of the meters in accordance with international best practices.

The Chamber said the duplication of functions by several entities was at a cost to the consumer.

“The Chamber acknowledges GRA’s quest to ensure revenue assurance for Government.

“Nevertheless, any institution, whether private or public, mandated to undertake that on Government’s behalf, should do so in compliance with standards set by both the GSA and the Ministry of Trade Industry to ensure a transparent and efficient measurement system within the oil and gas sector,” the Chamber said.