Model Petroleum Agreement Ghana

by admin on September 27th, 2021

Last week, the Government of Ghana kept a promise made in July 2017 by establishing a public oil register containing the full texts of oil agreements, licenses, authorizations and authorizations. It is particularly encouraging that the government has chosen to align the register with international best practices by integrating full-text contracts into the platform. The inclusion of these documents has been the subject of ongoing debate among Ghana`s EITI stakeholders, as the Petroleum (Exploration and Production Act) of 2016 – which requires the establishment of the register – did not specify whether full-text contracts or a simple list of agreements should be published. More than 1500 contracts and other related documents are now publicly available, according to open online contract libraries like ResourceContracts.org and the OpenOil repository – and that number is growing. More than 40 countries have officially published treaties. And of the 51 countries in the Extractive Industries Transparency Initiative (EITI), 29 have disclosed at least some of their contracts. The publication of contracts is an important tool for bringing officials and company representatives to justice for the transactions they have concluded. If negotiators know that the outcome of their work will be public and that they will be subject to legal, public and commercial scrutiny, they will have a strong incentive to design more carefully. This will help companies – and in particular government negotiators – to oppose high-level political interference and excessive pressure from industry during the negotiations and drafting of these treaties. Such pressure is common in licensing and procurement processes in commodity-rich countries and can lead to unilateral agreements that are not (politically) sustainable and can give rise to costly quarrels or renegotiating. . . .

From → Uncategorized

Comments are closed.