Good governance in the petroleum industry has been seen as a panacea to the efficient utilisation of petroleum resources as several petroleum-producing countries have failed to translate their resource wealth into broad-based developments and socio-economic outcomes. The failure is often due to the perceived weaknesses in the governance structures of these countries, institutional arrangements, and the wider industry. Ghana, after the discovery of oil in commercial quantities, embarked on various legal, regulatory, and institutional reforms aimed at strengthening institutional capacities to ensure efficient resource exploitation.
The session will focus on institutional frameworks in the upstream petroleum sector, institutional functions overlaps and its attendant challenges, harmonization and the mechanisms to strengthen these institutions to deepen local content development.