Tullow is doing something good

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The Africa Centre for Energy Policy (ACEP), an energy think-tank, had expressed appreciation to Tullow Oil Plc for upholding the architecture of payment disclosures by implementing the European Union standards for transparency directive ahead of formal undertaking target in the United Kingdom

A statement signed by Mr Mohammed Amin Adams, the Executive Director of ACEP, said it was delighted Tullow fulfilled its promise to adhere to international transparency standards in payment disclosures and publishing data covering project-level reports to include taxes, royalties and other payments in its 2013 Annual reports.

The data covers its operations in 22 countries including Ghana, where payment disclosures of US$ 107 million and US$ 85 million respectively in taxes and royalties were paid to the government in 2013.

It said this development would enable communities that are affected directly or indirectly to assess the fiscal contributions of Tullow and change the conversation between communities and government over their development needs and quality of public services, validate taxes and royalties received and again enhance public accountability to citizens.

ACEP said it hoped other oil and mining companies operating in Ghana and elsewhere would emulate the Tullow?s example and complement it with their disclosures.

The statement said the transparency window in Ghana was losing momentum by the day as the government delays the passage of the progressive and more transparent framework for governing the exploitation of oil and gas resources, thus the Petroleum (Exploration and Production) Bill

The statement said the Petroleum Bill proposes the adoption of an open and competitive bidding process for oil blocks and mandatory contract disclosure of contracts among others.

?This is more worrying because new oil contracts over promising oil blocks such as those with AMNI International and CAMAC are being rushed through Parliament ahead of the new petroleum law,? the statement said. GNA

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