Zimbabwe’s petroleum sector transactions under scrutiny

Stanley James, Business Editor

A team of global petroleum experts is in Zimbabwe to train government officials in negotiating and drafting oil and gas contracts.

The team is engaging public sector officials to ensure that transactions in the petroleum value chain are managed through accountable and transparent processes.

Mr Paulo Rage, legal advisor of Global Petroleum said, “The thrust is to ensure that transactions in the oil and gas sector have a potential of also contributing meaningfully to the socio-economic development of a country in a manner that also guarantees enjoyment of the resources by future generation.”

It is also being anticipated that the assessment process will help the country in embracing global processes, thereby attracting more investors in the capital intensive but viable oil and gas industry.

“Adherence to global practices does have its own effects in terms of sustaining the growth of the economy as well as ensuring that parties to agreements get a fair share of vale or returns,” noted Mr Norman Nardoff, Global Oil and Gas legal expert.

The visit by the global petroleum experts comes after Zimbabwe has concluded several agreements with potential investors in the petroleum sector, chief among them the Invictus Energy Agreement on the oil and gas discovery in Muzarabani.