The rights to petroleum resources, the regulatory mechanisms and the licensing procedures differ from one country to another. The table below presents regulatory details from some selected countries in the oil and gas sector.
|Who Regulates the Industry?||The Ministry Of Petroleum (MoP) through the Petroleum Commission (PC)||The Ministry of Petroleum through the Department of Petroleum Resources (DPR).||The Ministry of Mines, Industry and Energy (MMIE) is the industry’s main regulator.|
|What Regulatory Regimes Apply?||Petroleum (Exploration and Production) Law 1983 (PNDC Law 84)) and Petroleum Commission Act 2011 (Act 8221).||Petroleum Act 1969 and all amendments, subsidiary legislation, regulations and instruments enacted under it.||Decree Law No. 8/2006 of November 2006 (Hydrocarbons Law) and Petroleum Regulation of the Republic of Equatorial Guinea No. 4/2013 (Petroleum Regulation).|
|How are Rights to Oil and Gas Held?||Petroleum resources in Ghana belong to the people but are held in trust by the President on their behalf||The entire ownership and control of petroleum resources in, under and on any land in Nigeria, its territorial waters and its exclusive economic zone is vested in the Federal Government of Nigeria (FGN).||Production sharing contract model (PSC).|
In conclusion, the exploration of oil and gas is a very complex process that requires the a workable and efficient regulatory body to control the activities in the oil and gas industry. African petroleum institutions should be equipped by their governments to provide quality services to their investors in the industry.
By: David Aduhene Tanoh-www.reportingoilandgas.com