Upstream Oil and Gas in Ghana: Legal Frameworks and Emerging Practice

Contents Acknowledgments List of Acronyms and Abbreviations INTRODUCTION Overview PART I: CONSTITUTIONAL, STATUTORY AND ORGANIZATIONAL FRAMEWORKS FOR THE REGULATION OF GHANA'S UPSTREAM PETROLEUM INDUSTRY Chapter 1 - GHANA'S UPSTREAM PETROLEUM INDUSTRY 1.0 Introduction 1.1 Ghana's Sedimentary Basins 1.2 Pre-Commercial Discovery 1.3 Post-Commercial Discovery Chapter 2: CONSTITUTIONAL FRAMEWORK FOR THE REGULATION OF GHANA'S PETROLEUM INDUSTRY 2.0 Introduction 2.1 Natural Resources: Background to Ghana's Constitutional Framework after Independence (Republican Era) 2.2 The Transpositions to the 1992 Constitution 2.3 The 1992 Constitution 2.4 Conclusion Chapter 3: STATUTORY FRAMEWORK FOR THE REGULATION OF GHANA'S PETROLEUM INDUSTRY 3.0 Introduction 3.1 Overview of Statutory Framework of Ghana's Upstream Petroleum Industry 3.2 Ghana's Statutory Framework for the Petroleum Industry - Pre-Commercial Discovery 3.3 Ghana's Statutory Framework for the Petroleum Industry - Post-Commercial Discovery 3.4 Evolution of the Current Legislative Framework for the Regulation of Petroleum Operations - Post-Commercial Discovery 3.5 Approach to Development of Legislation for the Regulation of Petroleum Operations 3.6 The Petroleum (Exploration and Production) Bill, 2010 3.7 Major Defect in the Petroleum (Exploration and Production) Bill, 2010 3.8 'Death' of the Petroleum (Exploration and Production) Bill, 2010 3.9 The Petroleum (Exploration and Production) Bill, 2013 3.10 The Petroleum (Exploration and Production) Bill, 2014. 3.11 The Petroleum (Exploration and Production) Bill, 2016 3.12 Petroleum (Exploration and Production) Act, 2016 (Act 919). 3.13 Conclusion Chapter 4: ORGANIZATIONAL FRAMEWORK FOR THE REGULATION OF GHANA'S PETROLEUM INDUSTRY 4.0 Introduction 4.1 Approaches to Organizational Framework for Regulation 4.2 The Organizational Structure of Ghana's Upstream Petroleum Industry 4.3 Establishment of the Petroleum Commission 4.4 The Petroleum Commission Act, 2011 (Act 821) 4.5 Ghana National Gas Company PART II: THE CONTRACTUAL FRAMEWORK FOR THE REGULATION OF GHANA'S UPSTREAM PETROLEUM INDUSTRY Chapter 5: LICENSING 5.0 Introduction 5.1 Licensing in Ghana Pre-2016 5.2 Some Events that Precipitated a Desire to Move to the Competitive Bidding System 5.3 Licensing in Ghana Post 2016 - Competitive Bidding 5.4 Conclusion Chapter 6: THE CONTRACTUAL FRAMEWORK FOR THE REGULATION OF GHANA'S PETROLEUM INDUSTRY 6.0 Introduction 6.1 The Model Petroleum Agreement 6.2 Petroleum Costs 6.3 Conclusion PART III: PETROLEUM REVENUE MANAGEMENT FRAMEWORK, DEVELOPMENTS, AND EVOLVING MATTERS IN THE INDUSTRY Chapter 7: PETROLEUM REVENUE MANAGEMENT IN GHANA 7.0 Overview 7.1 Sources of Petroleum Revenue 7.2 The Petroleum Holding Fund 7.3 Earmarked Locations for Distribution of Funds 7.4 Summary of the Disbursement of the Revenue as Prescribed by the PRMA 7.5 The Petroleum Wealth Fund (PWF) 7.6 Institutions under the Framework of the PRMA 7.7 Challenges with Petroleum Revenue Management in Ghana 7.8 Conclusion Chapter 8: EVOLVING MATTERS AND CONCLUDING OVERVIEW 8.0 Introduction 8.1 The Energy Transition: Global Developments and the Impact on Ghana 8.2 Proposed Efforts to Counteract Adverse Impact of Global Developments arising from the Energy Transition 8.3 Concluding Review Index