The Chief Executive Officer of the Petroleum Commission, Mr. Egbert Faibille, has urged indigenous Ghanaian companies to take advantage of the opportunities in the upstream sector.
According to the CEO of the Petroleum Commission, the move will help promote the participation of indigenous Ghanaian companies in the provision of goods and services in the industry.
The Petroleum Commission, according to him, has therefore taken a
the strategic decision to promote the development of indigenous capabilities and the use of local capacities by creating an enabling environment for Ghanaian companies to succeed in the sector.
The Chief Executive Officer (CEO) of the Petroleum Commission, Mr. Egbert Faibille Jnr., made the call at the launch of the 2023 local content conference and exhibition in Accra under the theme “10 years of Local Content in Ghana’s Upstream and Petroleum Industry:
Mr. Egbert Faibille Jr. said Ghana’s level of petroleum production may not be as high as in some other countries, but lasting benefits could be achieved by enhancing in-country value retention through the participation of Ghanaian businesses.
He said the commission would continue to promote the development of indigenous capacities and the use of local capacities in the petroleum exploitation.
The First Deputy Speaker of Parliament, Joseph Osei-Owusu in his remark charged the Petroleum Commission to ensure that many Ghanaians are trained to actively participate in Ghana’s upstream petroleum sector.
He said after 16 years of oil discovery in commercial quantities and 10 years of the passage of local content and participation laws, the dominance of expatriates in the sector should be reduced.
The Minister of Energy, Dr Matthew Opoku Prempeh, said the L.I. 2204 was amended to L.I. 2435 in 2022 to boost collaboration between Indigenous Ghanaian Companies and foreign entities in the sector.
He said it provided for joint venture partnerships as the main mode of collaboration between IGCs and foreign companies as well as strategic alliance and channel partnership. He said the new LI also redefined Indigenous Ghanaian Companies and enhanced services reserved for them in the upstream petroleum sector in line with the government’s efforts to create more opportunities for Ghanaians.
Dr Prempeh commended the Petroleum Commission for its role in improving local content and participation and urged them to train more Ghanaians as stakeholders work together to address challenges arising.
He said Ghana’s upstream sector continued to attract more global giants, hinting at the possible return of ExxonMobil Corporation, a multinational oil and gas corporation, which exited Ghana a few years ago.