ACEP Cautions US Oil Firms

Mohammed Amin Adam

The Africa Centre for Energy Policy (ACEP) has expressed disgust at the legal suit filed by the American Petroleum Institute (API) against the Dodd Frank Transparency regulations issued by the United States Security and Exchange Commission.

In a press release issued recently in Accra and signed by Mohammed Amin Adam, its Executive Director, ACEP said the suit is a betrayal of the move for global transparency in the oil and gas industry by well meaning global citizens and governments.

'We, in Africa, received the news of the issuance of regulations to back the implementation of the Dodd Frank Transparency reforms with great joy because we believe that it would expose corruption and mismanagement of natural resources on our continent.'

According to ACEP, transparency in the extractive industries was particularly important for Africa countries where citizens are constantly bombarded with the effects of the resource curse which we have been subjected to by the actions of corrupt African governments and their business collaborators.

'It defies moral logic to watch the destruction of the environment, livelihoods and social foundations just for the sale of enriching a few oil lords and corrupt officials at the expense of the vast majority of the people.

The legal suit by API is therefore not only morally bankrupt, but also at best, a slap in the face of democratic and social justice.'

ACEP said that it recognized the significant efforts of the Government of Ghana and Ghanaians in the recent past at building a just, transparent and accountable framework for managing petroleum resources in the country.

'The Government of Ghana must therefore welcome petroleum companies, who subscribe to these values as a demonstration of their commitment to supporting the sustainable management of the country's petroleum resources.

'It is against this background that ACEP calls on Anadarko, Hess Corporation and Kosmos Energy, who are operating in Ghana, to dissociate themselves from the legal suit by the API and instead support efforts at enhancing transparency and accountability in the global oil and gas industry,' it stated.

By Samuel Boadi