The report indicates that oil and gas sector in the two countries will be key in reducing poverty, by helping to catalyse sustainable economic development and growth if dully managed.
The study however warns that recent experience of oil development, notably elsewhere in Africa has shown that such exploitation has often only benefited a limited (often elite) section of the population and resulted in the phenomenon known as the ‘resource curse,’ where regions with an abundance of oil experience slower economic growth and development than other countries without such resources.
The report further highlights a detailed overview of the oil sector development in both countries, focusing on the nature of development and the activities, including the physical infrastructure analysis. It also looks at the Legal standards and policy review, quantifying both the governance framework and physical biodiversity and the livelihood of the communities in the oil fields.
The report also details the International Standards and Best Practice, Existing and Planned Monitoring Efforts which acknowledges both Government and Non Government monitoring efforts.
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