The Deputy Minister of Energy, Dr Kwabena Donkor on Tuesday reaffirmed government's commitment to ensure transparency and good governance in the management of the country's oil find.
Speaking at the launch of Oil and Gas Sector Research and Advocacy Project (OGSRAP) in Accra, Dr Donkor said government was committed to put in place the right institutions and measures in the sector to increase national wealth and foster sustainable development and social stability.
He said government would subject the oil and gas policy to a broader consultation with civil society to improve its content.
Dr Donkor said government's policy direction for the oil and gas sector was informed by fundamental issues such as resource ownership and jurisdiction, fundamentals of fiscal and legal framework, broad relationship among actors in the petroleum sector, broad institutional framework, local content and indigenisation and principle of state and national participation.
He said the review would examine the extent to which the existing and proposed sector policies and bills could be coordinated as well as apply universal principles of good governance in the petroleum sector.
Mr Ishmael Edjekumhene, Senior Projects Manager of KlTE, said the project was to strengthen the capacity of Members of Parliamentary Select Committee on Mines and Energy (PSCME) to enable them to critically review the bill covering the project.
He said the project would provide comprehensible information on internationally acceptable best practice in oil and gas management, the adoption of which would lead to more sustainable and equitable harnessing of the country's hydrocarbon resources.
Mr Edjekumhene said the parliamentarians would learn new ideas and concepts in the oil and gas value chain, cardinal principles of good governance in the petroleum sector and the role of various stakeholders in promoting good governance in the sector.