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The African Center for Energy Policy (ACEP) has launched the oil contracts monitor that will expose oil exploration companies that win oil blocks but do not work on it.
This new program, ACEP says, will promote accountability and transparency and expose oil exploration companies that sell their blocks to third parties.
The monitor, which is in the form of a website, contains contracts awarded within the oil exploration space and informs regulators about the current state of oil exploration.
Pauline Hannaman, Policy Director at the African Center for Energy Policy, said the oil contracts supervisor will ensure that companies that acquire oil blocks without doing any work are scrutinized by the regulator and reported to the oil commission.
“We observed that most of the companies retained the blocks without doing much work and nothing happened to them, but the main problem is that we saw blocks in fallow and we have also seen over the years how some companies have transferred their interests to others. Business. .
With this contract monitor we are able to highlight the companies that are not working and report them to the oil commission ”, he said.
According to Pauline Hannaman, the logic is to ensure that companies explore the blocks within a maximum period of 7 years, as necessary.
