We’ve good legal framework for oil investments — Faibille
The Chief Executive Officer (CEO) of the Petroleum Commission, Egbert Faibille Jnr, has assured prospective investors in the oil and gas sector that Ghana is committed to a legal framework and conducive environment that will ensure benefit for all.
Faibille gave the assurance in a presentation at the 25th Africa Oil Week in Cape Town, South Africa on ‘The Future of African Exploration and Production’ which, among other things, addressed the creation of future business models, an enabling environment and policy reform to link projects to direct foreign investments.
The country will ensure a win-win situation with the present improved fiscal terms which, he said, were about the best in West Africa, together with a robust legal framework, transparency security for investors within the petroleum upstream sector.
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“With the country’s pedigree, it is obvious that investors who enter the country will never have any regret at all as the country is committed to its laws to ensure the creation of the perfect ambiance for businesses,” he said.
He added, “We want the investors to note that as we move to the next level, one of the things we are sure about is the certainty in our laws and regulations. We want people who come into our country to be firm in thoughts and action that we are not a nation of men who think what the laws should be.”
“We are a nation of laws and we are very firm in dispensing the law, fair and firm in ensuring that the right things are done.
We believe that the hydrocarbon which has accumulated over million years, which we hold in trust for generations to come, is subjected to prudent and intergenerational management,” Faibille stated.
The CEO of the Petroleum Commission said managers of the oil and gas resource were directing their energies at ensuring sustainability in the industry and creating global value for the future.
The commission, he said, would want the benefits along the chain to be felt by all, especially by the indigenous firms, who played within the industry to be able to spread the benefits across the local economy.
Faibille stressed that Ghana’s laws frowned on “duopolies of suppliers in the industry who dominate the market for a commodity or service, as well as the domination of an entity to the detriment of others”.
“In the spirit of fairness, we as a commission are insisting and driving to a point where companies that are consistently getting contracts to either sublet or ensure that the international oil companies help in the creation and scaling up to the level of other smaller ones,” Faibille stated.
“We believe that it is only through good local content policies and implementation that will lead us to dream of ensuring the shared values and prosperity between the investor and the host country,” he said.