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General News of Monday, 15 October 2018

Source: Myjoyonline.com

Oil revenue distribution bill for parliament soon – Akufo-Addo

The government will soon present to parliament a regulation on oil resources revenue distribution, President Akufo-Addo has said.

According to him, the bill when passed will ensure that communities, where the natural resources are sited, will not be affected negatively but enjoy the benefits of the proceeds from the resource.

President Akufo Addo said this at the launch of the first oil and gas licensing round in Accra.

“I have received lots of reports about the adverse conditions the oil find brings to our brothers and sisters in the communities along the coast and areas the oil exploration activities are going on.

To this end, I have directed the Ministries of Energy and Finance to draft a bill to be passed by parliament as the oil revenue distribution bill to regulate the distribution of the resources,” he said.

President Akufo-Addo expressed optimism that the oil licensing round process will be successful and help the government rake in the necessary revenue from the sector.

The first round of the bidding process involves six oil blocks in the Western basin with one reserved for the Ghana National Petroleum Corporation, GNPC on behalf of the Ghanaian citizens.

Minister of Energy, Peter Amewu on his part warned that participating companies risk being disqualified if any false documentation or misrepresentation is made during the bidding process.

“Let me be clear to you all that any false document or misrepresentation in the process will be disqualified,” he said