Guidelines for good governance in emerging oil and gas producers
Guidelines for good governance in emerging oil and gas producers / Edited by Valérie Marcel. Chatham House, September 2013, 37 p. (Programme paper)
Presentation (© Chatham House) :
These guidelines for emerging oil and gas producers are drawn from a Chatham House project that gathers petroleum producers and governance experts in annual workshops. Recommendations focus on issues discussed at these workshops and offer firm prescriptions where broad consensus emerged.
- Best-practice standards that have been established in successful petroleum-producing countries undoubtedly represent the international gold standard in the oil and gas sector. But while such practices may work well for successful, well-resourced producers, the same policies may be entirely inappropriate for emerging producers, which often face significant development challenges.
- Many emerging producers have weak institutional capacity and low knowledge of the petroleum sector, in addition to pressing socio-economic challenges. Thus emerging producers should pursue policies that acknowledge the realities of their national contexts, that can bring about rapid results in a context of urgent need, and that allow for incremental improvements to their governance processes.
- As capacity grows and greater revenues begin to flow, emerging producers will need to adjust their methods and institutions to promote evolving, and ever higher, standards of good governance.