“Effective project governance, within corporate governance framework, has become a serious concern for organizations” (Crawford, Cooke-Davies, 2005). Findings of the research revealed various levels of understanding of project governance and a range of governance structures in practice within oil and gas owner organizations in Alberta. The new project governance model recommends oil and gas owners of Alberta reorganize their project governance structures, improve their policies and procedures, develop tools that support project governance, make it mandatory for project personnel to follow governance procedures, improve the governance role of Project Management Office (PMO), do audits for compliance, keep processes updated, and use lessons learned. The results of the focus group survey, conducted to validate the new governance model, revealed an overall agreement from industry professionals. The researcher concludes that the new governance model applied proficiently will help oil and gas owner organizations of Alberta improve governance and oversight.