Energy Minister, Dr. Matthew Opoku Prempeh has reiterated the Ministry of Energy’s resolve to ensuring that Ghanaian content and participation is pursued aggressively.
According to Dr. Prempeh, it is the means by which Ghana will not be recipients of only petroleum revenue but maximize value in the exploitation of its hydrocarbon resource.
The Minister made these assertions when he addressed the 2023 Local Content Conference and Exhibition in Takoradi on Wednesday, 22nd November, 2023.
He said ten (10) years of the passage of L.I. 2204 and its implementation, the upstream petroleum sector has witnessed remarkable achievements.
“In 2021 for instance, out of a total of US$ 1.3 billion value of services available, US$ 238 million went to Indigenous Ghanaian Companies whilst US$ 1.1 billion went to Joint Ventures (involving Indigenous Ghanaian Companies)”, he said
The Manhyia South lawmaker added that between 2014 and 2022, out of the total contracts valued at $17 billion, indigenous Ghanaian companies and joint ventures benefitted from contracts worth $3.4 billion and $5 billion respectively.
“Most importantly, industrial establishments that were non-existent prior to the passage of the L.I have emerged. There have been significant in-country investments by way of Capital Investments, Cementing Units, Waste Management / Thermal Absorption Plants, Fabrication yards, manufacture of bolts, nuts and valves and refurbishments of some aviation facilities in Takoradi”, he stated.
Dr. Prempeh said in meeting the demands of ensuring local content and local participation, it is imperative that the capabilities of local service providers and personnel are developed to enable them offer products and services that meet quality standards in the oil and gas industry at competitive prices and provide adequate returns on resources employed or consumed in producing them.
The Conference is expected on Friday with a procurement conference where companies will outline their procurement processes for the coming year.
Source: /Ghana
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