Petroleum Commission’s Board sworn in
The Minister for Energy, Hon. Mathew Opoku Prempeh has inaugurated a seven-member Board for the Petroleum Commission. They are in the persons of:
- Mr. Stephen Sekyere-Abankwah, (Chairman)
2. Mr. Egbert Fabile (Member)
3. Mr. Henry Kokofu (Member), and,
4. Prof. Daniel Kwadwo Asiedu (Member)
Hon. Joseph Osei-Owusu (1st Deputy Speaker of Parliament), Hon. Abdul-Razak Tahidu, and Dr. Jemina Nunoo are also members of the Board. There is a total of seven (7) of them.
In a short speech before the swearing-in, the Director-General of the State Interests and Governance Authority (SIGA), Hon. Stephen Asamoah-Boateng, drew the attention of the incoming Board Members present to the fact that SIGA has experts in Petroleum and Power who are always ready to assist them in carrying out their mandate.
He also informed them that, contrary to popular assumption, SIGA is not here to control Specified Entities, but rather to assist them in carrying out their mandate.
Hon. Asamoah-Boateng cautioned them to pay close attention to the following three documents, which contain sanctions for organizations that fail to respect the laws inherent in them:
- Public Financial Management Regulation, 2019
2. Public Financial Management Act, 2016 (Act 921)
3. State Interests and Governance Authority Act, 2019 (Act 990)
Dr. Opoku Prempeh, the Minister in charge of the Energy sector, charged the Board to ensure that all onshore and offshore companies operate in accordance with the Petroleum (Exploration and Production) Act, 2016 Act 919. ‘The President believes this Board will function because of your integrity and honesty,’ he added.
He also mentioned three things that are significant to him:
Local content, whether through ownership or shareholding:
He was quick to add, however, that it is his hope that Ghanaians will be given the concessions so that they find international partners to develop the fields.
Contracts and Agreements in the Oil and Gas Industry:
The Minister expressed concern about the form of contracts and agreements in the petroleum industry that do not offer the Commission supervisory authority.
Making Ghanaians profit more:
According to him, many Ghanaians need to profit from Ghana’s wealth. The current arrangement where few people control the industry must be looked at.
He pledged his unflinching support to ensure that the Petroleum Commission becomes successful.
Mr. Stephen Sekyere-Abankwah, the newly sworn-in Chairman of the Board, reaffirmed the Board’s commitment to working with the Minister on revenue generation to promote Ghana’s development. He expressed gratitude to the Minister for agreeing to collaborate with the Board.
“We’ll boost crude and gas production by at least 50% by assisting existing oil businesses in expanding in order to recruit more.”–he added