Published 18 February 2019
This article conducts an analytic review of this journey with the objective of tracing the evolution of the stabilization clauses that have been adopted in successive petroleum agreements, to understand the rationales and underlying justifications for their use, and to assess their impact and practical outcomes. The article focuses on the use of stabilization clauses in Petroleum Agreements executed from the period preceding the country's large-scale commercial discovery of oil in 2007 to date. Ghana adopted both freezing clauses and economic equilibrium clauses prior to its large-scale commercial discovery in 2007 but migrated to the exclusive use of economic equilibrium clauses, after the prospectivity of its acreage became firmly established in the petroleum industry. Ghana's migration from the use of freezing clauses to economic equilibrium clauses basically unshackles the country from the rigid and constricting effect of freezing clauses. The country has purposely and deliberately moved from a position where it had surrendered its right to rearrange affairs when circumstances deemed it necessary, to a more empowered contractual status which allows it to renegotiate and review the terms of its Petroleum Agreements to restore economic equilibrium as and when the exigencies so require.