Head of the Department of Energy (DoE) Dr. Mark Bynoe yesterday announced the completion of a best practice Production Sharing Agreement (PSA) template, which is expected to guide future oil sector licensing.
Bynoe also told a press conference at the Ministry of Presidency that a legal review and gap analysis of existing oil and gas legislation is expected to be completed by the end of this month.
Bynoe said the DoE was able to complete the development of the best practice PSA template in December and it is going to be used in the new licensing round. He emphasised that the template is, as the name implies, a template, and could be varied given differing conditions.
