The Minister for Energy, Boakye Agyarko, has inaugurated a 22- member committee to supervise the open competitive bidding of Ghana’s oil blocs to prospective oil exploration companies.

The committee, known as the Licensing Bid Evaluation and Negotiation Committee has been categorized into three namely; technical, commercial and legal.

The committee’s mandate will be to assess investors seeking to start oil exploration and production in Ghana and advise the minister before an agreement is signed.

Speaking to the media, Mr. Agyarko explained that the committee will make recommendations to the government, upon which a decision will be taken.

According to him, “The terms of reference for the committee are: to prepare all the necessary documentation for a successful bid round. Assess and package all the data on the acreages. Set up an online data room where all the data can be accessed by prospective bidders, and embark on promotions and road shows in collaboration with the Petroleum Commission”.

He added that the committee will also invite bids from prospective applicants and examine them to make sure they meet the requirement in the Petroleum Law.

“The committee will also carry out pre-qualification of applicants in line with applicable regulations. Evaluate qualified bids and select winners in line with a transparent criteria”.

Mr. Agyarko pointed out that the committee will finally “negotiate with the winners of the bids and provide recommendations to the minister for signing the petroleum agreement”.

Giving the rationale behind the move, the minister explained that government intends to enhance transparency and accountability in the petroleum industry.

He observed that this is part of the Nana Addo government to protect the best interest of the nation in oil exploration.