The Minister of Energy, Mr John Peter Amewu, has affirmed the resolve of the government to ensure that the value accrued from the oil and gas sector is enhanced through policies and legislation to benefit Ghanaians.
As a result, he stated that the country’s local content aspiration has found its strength in the Petroleum (Exploration and Production) Act 2016, Local Content Regulation L.I 2204, and other relevant laws.
“Beside our constitution which provide a detailed explanation as to who owned the resources, our local content aspiration have found expression in the Petroleum (Exploration and Production) Act 2016, Local Content Regulation L.I 2204, and other relevant policies,” the Minister said at the third Africa Oil & Gas Local Content Sustainability Summit (ALCSS 2019) on October 10 in Accra.
“Countries in Africa producing oil and gas are embracing local content policy as a strategy to achieve the desired impact on domestic value.
“Adoption of local content development strategy has also improved the success stories of countries such as Norway, Brazil and Mexico,” he added.
The conference organised by AME Trade Limited is supported by the African Petroleum Producers Organisation (APPO) and the Ministry of Energy, and hosted by the Ghana National Petroleum Corporation (GNPC) and the Petroleum Commission.
Held on the theme “Shaping the Future through Sustainable Local Content Policies,” the two-day conference hosted more than 155 delegates from 19 countries of the private and public sectors in the oil and gas industry.
It was to promote increased local value addition and participation in the industry.
Upstream petroleum space
The Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC), Dr Kofi Koduah Sarpong, said his office was committed to play its role in the development of local content within the domestic and regional upstream petroleum space.
Notwithstanding known challenges such as access to affordable finance and infrastructural deficits, he said the GNPC was committed to ensure the development of national capacities in all aspects of the petroleum operations.
He explained that with a mandate to harness Ghana's hydrocarbon resources for national development, GNPC believes that regional cooperation and collaboration were critical to leverage each other's experience and knowledge to further develop not only domestic but also regional local content strategies for their mutual benefit.
As a result, he said Ghana had already entered into a memorandum of understanding (MoU) with Sierra Leone and The Gambia to help grow the industry.
According to him, similar agreements would soon be signed with Liberia and Guyana.
The Chief Executive Officer (CEO) of the Petroleum Commission, Mr Egbert Faibille Jnr, in a speech read on his behalf by his deputy, Mr Prince Benjamin Aboagye, said regional cooperation was critical for African countries to harness the benefits of the petroleum industry.
“Our strategy was that, the oil and gas industry must not be taken in isolation, if it was to propel national development.”