Abstract:
The finding of deposits of petroleum resource has adversely been a curse to
some countries instead of an opportunity for economic growth and
development. Oil-rich countries have striven through strategic legislations and
policies to avoid the resource curse hypothesis. This study submits that this
unfortunate situation could be avoided through the effective implementation of
appropriate laws. Based on exploration research design and purposive sampling
methods, a content analysis of Ghana’s upstream Petroleum laws is performed
to assess the weaknesses or otherwise in the quest for effective exploration,
production and utilization of the oil and gas resources of the country. All
respondents confirmed that they have knowledge of and, have worked with and
within the confines of the upstream Petroleum Laws. Applying same, however,
they were all quick to point out that some weaknesses exist with the exploration
and production, health and safety, local content, and petroleum revenue
management laws, with overlaps in the way governance institutions operate.
The laws and regulatory framework also exclude some key areas that need to be
addressed. Mechanism for bidding contracts and environmental reporting were
identified to be areas that need amendment to optimize gains from hydrocarbon
resources. The Ministry of Energy is advised to appraise existing upstream oil
and gas laws. The assessment must identify and include all relevant sectors on
exploration and production, environment, health and safety, local content policy
revenue mobilization, and utilization to optimize production and maximize
benefit.
