The Africa Center for Energy Policy (ACEP) has launched the petroleum contract monitor that will expose oil exploration companies who win oil blocs but fail to work on it.
This new programme, ACEP says will promote accountability and transparency and expose oil exploration companies who sell their blocs to third party’s.
The monitor which is in the form of a website contains contracts awarded within the oil exploration space and informs regulators on the current status of oil exploration.
Head of Policy at the Africa Center for Energy Policy, Pauline Anaman said the petroleum contract monitor will ensure that companies who will acquire oil blocs without doing any work will be seen by the regulator and reported to the petroleum commission.
“We observed that most of the companies held the blocs without doing much work and nothing happened to them, but the main problem is that we saw blocs laying fallow and we have also seen over the years how some companies have transferred their interests to other companies.
With this contract monitor, we are able to highlight the companies that are not working and report them to the petroleum commission,” she stated.
According to Pauline Hannaman, the rationale is to ensure that companies explore the blocs within a maximum of 7 years as is required.