(EnergyAsia, July 1 2013, Monday) — Ghana’s new exploration and production law will set it apart as a “shining example” for the oil and gas industry in Africa as well as the world, said Minister for Energy and Petroleum Emmanuel Armah-Kofi Buah.
Legislations being planned to add to those already passed will strengthen the rule of law and help ensure transparency and efficiency in the management of the country’s booming oil sector.
Mr Buah made this comment in Accra at last week’s stakeholder meeting on the draft Exploration and Production (E&P) Bill now being put together for submission to the Cabinet and subsequently to Parliament.
Billed as Ghana’s most comprehensive piece of legislation governing an economic sector, the PNDC Law 84 aims to strengthen the oil industry by spelling out the process of contract awards, good governance, transparency, local content and health, safety and environment (HSE) matters.
These issues were debated by government officials, academics, representatives from civil society, oil companies, the Ghana Institute of Engineers and the National Insurance Commission who attended the meeting.