Home / Business / ACEP: Oil&Gas Countries Fighting Contract Disclosures

ACEP: Oil&Gas Countries Fighting Contract Disclosures

The mandatory disclosure of oil and gas contracts as required in the industry is not widely accepted in some African jurisdictions, Dr Mohammed Amin Adam, Executive Director of the Africa Centre for Energy Policy (ACEP), has disclosed.

This was contained in ACEP’s Africa Oil Governance Report launched on Monday, September 26, 2016.

The research was conducted across the 17 members of the African Petroleum Producers Association (APPA) and revealed mixed results on the state of governance in oil-producing countries in Africa.

According to Dr Adam, it was important that the shortcomings of the sector were addressed and healthy practices encouraged in all oil-producing countries.

Dr Adam also disclosed the “right to free prior and informed consent has not been adopted as a norm”. In addition, “mandatory disclosure of beneficial ownership information remains a challenge”.

He lamented how the adoption of the “Right to Information legislation has not become widely attractive to our governments”.

For him, these issues do not help the industry, though there are positive signals about the future, such as the “increasing adoption of open and competitive bidding processes in the award of petroleum rights”.

He pointed out that “there are some appreciable efforts by African oil-producing countries in open budgeting”.

According to him, the adoption of “Extractive Industries Transparency Initiative (EITI) is becoming a common practice in the oil and gas industry within the African region”.

He highlighted that “the adoption of anti-corruption provisions is gaining relevance among oil-producing countries” which is a positive development.


Source: radioxyzonline.com

Leave a Reply

%d bloggers like this: