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Energy Ministry, foreign oil companies to discuss disagreements in local content law

bostThe Ministry of Energy says it is will engage foreign companies operating in the country’s oil sector to discuss disagreements over the local content regulations.

Communication Specialist at the Ministry of Energy, Edward Bawa, told Joy News although government will enforce the law, it is looking at ensuring a “win-win situation” through the meeting with the foreign oil companies.

Parliament earlier this week passed the Petroleum Agreement bill, which seeks to compel foreign companies operating in the field to employ Ghanaians.

The law seeks to promote value addition and job creation through the use of local expertise, goods and services, businesses and financing in the petroleum industry value chain and their retention in Ghana.

The regulation will also develop local capacities in the petroleum industry value chain, achieve the maximum local employment leve and in-country spending of oil revenue and increase the capability and international competitiveness of domestic business and related industries.

But most of the foreign oil companies are reported to be kicking against the policy.

Edward Bawa said although the Ministry will dialogue with the foreign oil companies, there will not be a compromise the law’s aim of ensuring that Ghanaians play a leading role in the oil sector.

“The law in itself does not at any point try to compromise on corporate governance. They have independence in terms of the decisions they make and recruitment plans”, Mr Bawa explained.

Meanwhile, John Amenu of the campaign group, Oil and Gas Coalition, believes foreign companies are worried because aspects of the regulation states that companies who do not comply will be sanctioned.

“There is an opportunity for review as we move along…the door is not closed”, he said.

Source:myjoyonline.com

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