Dear Editor,
I am no expert when it comes to oil but after reading in the media about the manner in which the sale of our first crude is about to be executed, I am reminded of a popular Shakespearean line, ‘something is rotten in the State of Denmark.’
Notwithstanding the explanation provided by the Department of Energy in justification of the face-to-face bidding method involving a select group of contractors, I respectfully submit that such an arrangement lacks transparency and has all the elements of political involvement in the sale of what is referred to as our ‘black gold’.
I believe we are off to a bad start which could send out the wrong signals to those who are desirous of doing business with us.
A better arrangement, in my view, is to go initially with the prices obtained by ExxonMobil for its share of crude and then use that as the benchmark for subsequent sales, having regard to best practices based on industry standards.
At the very least, it would erase perceptions of political involvement and engender higher levels of trust and integrity in the entire process.
It may not be too late for the Government to revisit the approach it is pursuing in the sale of our first oil.
Yours faithfully,
Hydar Ally
