Petroleum Commission says regulatory reviews have saved Ghana US$2.2bn

The Commission says the amount represents savings and financial benefits secured through its assessment of field development plans, procurement and tender processes, contractors’ work programmes and budgets, as well as a recent audit of petroleum costs.

The Petroleum Commission said its regulatory interventions were aimed not only at safeguarding the state’s financial interests but also at strengthening accountability and efficiency within the upstream petroleum sector.

The Commission also highlighted its contribution to increasing Ghanaian participation in the upstream petroleum industry, saying its regulatory work was helping to ensure that the benefits of the country’s oil and gas resources extended beyond direct petroleum revenues.