|dc.description.abstract||Transparency and accountability are principles enshrined in the constitution of Kenya (2010). In 2019, there was enactment of the Petroleum Act, which states that there shall be an establishment of a transparency and accountability framework for revenue resources in the up – stream sector. National income from petroleum operations are presumed that they should spur economic growth and social development. However, the experiences of some countries in the management of petroleum wealth offers a dramatic illustration of the problems that could arise from resource riches. Typically, petroleum exploration, extraction and revenue management are processes that are: highly technical; capital intensive; involve few people; experiences volatility in terms of production and market; take place in remote locations; and generate very large and sudden revenue inflows. At best, these circumstances challenge policy makers on how to effectively manage the new found wealth and ensure equitable distribution of benefits. At worst, they present prime opportunities for corruption and could trigger the much-dreaded “resource curse”. Kenya’s petroleum discoveries also provide an unprecedented opportunity to boost its economic growth in some of the most remote, under-developed and impoverished areas in Kenya. However, there are concerns that failure to adequately manage the revenues could prevent Kenyans from enjoying the potential benefits from petroleum revenues, as has occurred in other resource-rich countries, which among other things could result in the worsening of the living standards of the people especially the host communities.
Due to the many risks related to the extraction of natural resource there is a need to have a transparency and accountability mechanism specifically for petroleum revenues which is propounded in this research. This study looks at the legal regime of transparency and accountability of petroleum revenues and its adequacy. The study also examines the adequacy of the legal regime and the efficacy of budget transparency specifically for petroleum revenues and its relevance in ensuring sustainable development. This research further looks at the impact of having a transparency and accountability for petroleum resource revenues and drawing lessons by studying Norway which has climbed the top of the human development indexes and avoided the Resource – curse at the same time||en_US