Chemical News
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Americas:Ghanaian oil sector laws opaque: Oxfam
https://www.chemnet.com Mar 14,2011 commodityonline
Oxfam International said new rules proposed by Ghana don't go far enough to improve economic transparency in the country.
The Parliament in Ghana ratified a bill last week that regulates how the country spends its oil money. The measure sets up a watchdog group to monitor the spending of oil revenue but excluded an earlier provision preventing the government from using crude as collateral for federal loans.
Ian Gary, a policy manager at Oxfam, said other regional oil giants lacked key transparency measures in their oil laws, adding Ghana may face a similar fate with its revenue potential.
"There's concern that before Ghana even starts to really produce significant quantities of oil that it will have mortgaged a lot of that money," he told Voice of America.
British energy company Tullow Oil announced a series of oil discoveries in the country and last year shipped its first batch of oil from Ghanaian fields.
Ghana is looking for experts to develop its offshore potential as the newly elected government has little experience in managing oil reserves. Ghana's Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels.
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