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Industry players hail new Petroleum Exploration and Production law

petroleumThe Civil Society Platform on Oil and Gas has hailed competitive bidding provisions in the new Petroleum Exploration and Production law.

This is despite its initial reservations about the impact of the law in the short term.

The law was passed by parliament last week after some years of delay to enhance transparency in the award of oil contracts among other issues.

The Institute of Governance and Security, however, says the law seeks to rather protect the interest of foreign firms than Ghanaians – in the name of investment attraction.

The Chairman of the Civil Society Platform on Oil and Gas, Dr Steve Manteaw explains the situation is not that gloomy.

“It is important to recognize that new bill passed has provided the opening up of the contracting process so now we move away from this open door negotiated deal type to what we call the open competitive round,” he said.

This, according to him, parcels the various blocks for contract and companies which are interested bid to competitively obtain these blocks.

Dr Manteaw added that it also provides access to information on contracts which are eventually negotiated.

Source: Ghana| Myjoyonline.com | Joy Business

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