ABSTRACT
As is the case with all extractive resources which are finite, the governance of petroleum requires prudent and effective policies, legislations and institutions to ensure lasting benefits to all citizens of a nation both today and for generations yet unborn. To achieve this, resource- rich nations need to establish a governance framework that allows efficient resource management and regulation as well as a predictable fiscal regime. The process, from discovery of the natural resource and how is transformed to benefits for citizens, is summarised in the illustration below (Figure 17.1) Petroleum sector governance framework https://s3-euw1-ap-pe-df-pch-content-public-p.s3.eu-west-1.amazonaws.com/9780203806548/ac0e786c-133d-46d0-84b4-ffb5471d4f19/content/fig17_1_C.jpg" xmlns:xlink="https://www.w3.org/1999/xlink"/> .
