A Rows of Classic Metal Oil Barrels Drum - Courtesy

The Ministry of Petroleum has launched a review of oil sales and crude oil-backed loans as part of efforts to strengthen transparency and accountability in the oil sector.

The Undersecretary in the Ministry of Petroleum, Santino Ayuel Longar, announced the integration of the Oil Sales Review Committee, established by an order from the Ministry of Finance and Planning.

The committee is mandated to review crude oil transactions, including loans and advances secured against oil, and to assess oil marketing and sales operations. It will also compile and submit reports and documentation to support ongoing economic reforms.

Dr. Longar said the committee is expected to ensure compliance with legal and institutional frameworks governing the sector.

He said the oil sector continues to face internal and external challenges, requiring a review of current practices and improved coordination between the Ministry of Petroleum and the Ministry of Finance and Planning.

“The objective is to ensure that our systems are transparent, efficient, and aligned with our national priorities,” Dr. Longar said. “This makes it necessary to assess current practices, identify gaps, and strengthen coordination between the institutions involved.”

The initiative is expected to improve oversight, strengthen confidence in oil revenue management, and support economic stability in the country.