petroleum issues

Topics: Fiscal year, Peak oil, Extraction of petroleum Pages: 35 (14685 words) Published: October 14, 2014
ARRANGEMENT OF SECTIONS
Section
Preliminary matters
1.
2.
3.
4.
5.
6.

Application
Establishment of Petroleum Account
Payment into Petroleum Account
Payment with petroleum in place of cash
Prohibited use of Petroleum Account
Petroleum Account Receipts
Other petroleum receipts

7. Participating interest
8. Transparency and accountability of petroleum receipts
9. Management of the Petroleum Reserve Accounts expenses
Allocations and disbursements
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Establishment of the Ghana Stabilisation Fund
Establishment of the Ghana Heritage Fund
The Ghana Stabilisation Fund and Ghana Heritage Funds
Withdrawals from the Ghana Stabilisation Fund
Withdrawals from the Ghana Heritage Fund
Finality of payments into the Petroleum Reserves Accounts
Adjustments and reconciliations to the Petroleum Reserves Accounts Disbursement from the Petroleum Account
Benchmark Revenue
The Annual Budget Funding Amount
Transfers to the Consolidated Fund
Transfers to the Consolidated Fund when petroleum production ceases Use of the Annual Budget Funding Amount
Statutory earmarking prohibited
Transfers to the Ghana Heritage Fund and Ghana Stabilisation Fund Transfers for exceptional purposes
Management and investment of Ghana Petroleum Funds

26.
27.
28.
29.
30.

Obligations of the Minister
Management obligations of the Bank of Ghana
Investment rules
Qualifying instruments
Reports on the Ghana Petroleum Funds
Investment Advisory Committee

31.
32.
33.
34.
35.
36.

Investment Advisory Committee
Functions of the Advisory Committee
Appointment of members of the Advisory Committee
Tenure of office of members
Meetings of the Advisory Committee
Disclosure of interest

37.
38.
39.
40.
41.
42.

Publication of membership of the Advisory Committee
Allowances
Secretariat of the Advisory Committee
Absence of advice from the Advisory Committee
Release of advice from the Advisory Committee
Oversight of and reporting on the Ghana Petroleum Funds
Encumbrances, Auditing and Reporting

43. Encumbrances on the assets of the Petroleum Account and the Ghana Petroleum Funds
Audit of the Petroleum Reserves Accounts
44.
45.
46.
47.
48.
49.
50.

Public funds
Books of the Petroleum Reserves Accounts
Internal audit
External audit
Annual audit
Special audits
Annual report on the Petroleum Account and the Ghana Petroleum Funds Accountability, transparency and public oversight

51.
52.
53.
54.
55.
56.
57.
58.
59.

Transparency as a fundamental principle
Non-compliance with an obligation to publicise information
Public Interest and Accountability Committee
Objects of the Accountability Committee
Functions of the Accountability Committee
Membership of the Accountability Committee
Tenure of members and eligibility for appointment
Reporting
Allowances
Miscellaneous matters

60.
61.
62.
63.
64.

Transparency and accountability of petroleum receipts
Penalties
Transitional and final provisions
Regulations
Interpretation
SCHEDULES
A

BILL
ENTITLED
PETROLEUM REVENUE MANAGEMENT ACT, 2010

AN ACT to provide the framework for the collection, allocation and management of petroleum revenue in a responsible, transparent and accountable manner for the benefit of the citizens of Ghana in accordance with Article 36 of the Constitution and for related matters.

PASSED by Parliament and assented to by the President:
Preliminary matters
Application
1. (1) This Act shall regulate the collection, allocation and management by government of petroleum revenue derived from upstream and midstream petroleum activity. (2) Where there is any conflict between the provisions of this Act and (a) any other Act or Regulations, or

(b) the terms of a petroleum authorisation,
on the collection, use and management of petroleum revenue, the provisions of this Act shall prevail.
Establishment of Petroleum Account...
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