Home » Breaking News » Ghana deepens transparency in the oil and gas sector …..as it lifts veil on Petroleum contracts
Egbert Faibille Jnr, CEO, Petrolum Commission
Egbert Faibille Jnr,CEO, Petrolum Commission

Ghana deepens transparency in the oil and gas sector …..as it lifts veil on Petroleum contracts

 In a bid to promote transparency and keep Ghanaians  updated on the  happenings  in the  upstream petroleum sector, the Ministry of Energy in collaboration with the Petroleum Commission  launched  Ghana’s first ever Petroleum Register.

The development of the register is in accordance with the Petroleum Exploration and Production, Act 2016, Act 919.It is a means to promote transparency especially with respect to contract awarded in the upstream petroleum industry.

The register among other things will be the single point of disclosure of upstream petroleum activities in the country.

At the launch in Accra last week, a Deputy Minister in charge of petroleum at the Ministry of Energy, Dr Mohammed Amin Adam praised the Petroleum Commission for deepening transparency in the oil and gas sector by developing the Petroleum register.

Ghanaians, Dr Adam said would now have access to petroleum contracts through the petroleum register, declaring that the register will kill the perceived opaqueness in undertaking petroleum business. He added that “today has closed that chapter in our country’s history because it has lifted the veil for fairness transparency and accountability in the petroleum sector.”

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Dr Adams indicated that as a country, Ghana had come a long way towards judicious exploitation of its natural resources   in a more transparent manner for the benefit of its citizenry. That, he said, led to the adoption of the EITI initiative in 2003.

“We have made tremendous strides in deepening transparency in the oil and gas industry. The contribution of the oil and gas sector to the national economy cannot be understated. Government sees the sector as one of the most important for economic transformation. It is in this regard that we need to improve upon transparency and accountability and bring prudent coordination not only in the oil and gas sector but to other sectors of our economy.”

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The launching  of  this  register is in fulfillment of  the manifesto  of  the NPP  government which promised  Ghanaians  that ‘’ we  were going to work to improve  on transparency and democratic accountability’’

Mr Egbert Faibille Jnr, Chief Executive Officer of the Petroleum Commission stated that, the    move  shows  the  commitment  of  the  government   of His  Excellency Nana Addo Dankwa  Akufo Addo  to the  management   and  deployment  of the  country’s  hydrocarbon  resources.

Mr Faibille  noted that “for  the first time,  there  is  a register with  respect to  petroleum  that  anybody can go on the  website and find out  the  petroleum agreement   and everything about petroleum, its  uses and  how  it  is  worked  on in Ghana.”

“For us it is a huge thing for the people of Ghana. Apart  from Ghanaians  themselves,  it  is  also good for our partners from all over the world  who  would want to know  what goes on in Ghana  at any  particular  point in time regarding how we manage our hydrocarbon resources.

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Responding  to the  perceived secrecy  in the oil and gas  industry, the  CEO pointed  out that  “Some  of  those concerns are perceptions but  that   perceptions  sometimes  can be  true but  this will go  almost hundred   percent to clear any doubt  from  the  minds  of  anybody.

He added that, This resource that  have been  launched will help people to  find out what is  happening in the  petroleum industry and  to  understand  what it entails and to educate  themselves on  personal or carrier  development; so it is a huge thing.”

 

 

 By Mohammed Suleman

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