Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Local participation in petroleum industry hits $221m in first half of 2016

  • SOURCE: | Editor
  • ghana-oil-workersLocal participation in petroleum industry hits $221m in first half of 2016 – CitiBusinessNews

    The volume of contract awarded to Ghanaians in the Petroleum and Gas Industry from January to June this year has hit 221 million dollars.

    The figure is an improvement on previous years which was about half  under same period of review.

    Speaking to Citi Business News, the Minister of Petroleum, Emmanuel Armah Kofi Buah attributed the feat to the passage of the Legislative Instrument (LI) aimed at strengthening the Local Content Law.

    “The Petroleum Commission has been tracking Ghanaian participation and the progress for Ghanaians between January this year and June was that, 221 million dollars of contract have gone to Ghanaians because of the local content LI,” he said.

    According to him, the LI has also enabled the commission to assess the volume of transactions awarded to indigenous companies in the Tweneboa Enyenre Ntomme(TEN) project .

    “We now can track that almost one billion dollars  of the contract that went to TEN went to Ghanaians and that is a huge achievement,” he said.

    Touching on other areas in the upstream sub-sector that could be improved, Mr. Buah maintained that it is pertinent to strengthen the capacity of Ghanaian companies to help them compete favourably.

    Foreign companies dominate petroleum sector

    Figures released by the Petroleum Commission earlier this year  indicated that the value of activities ceded to indigenous companies in the Petroleum Upstream sector between 2010 and 2015 was only one billion dollars.

    In all, total value of activities in the Petroleum Upstream sector between the period was 6.3 billion dollars with foreign companies having access to  5.3 billion dollars  of the transactions compared to one billion dollars for local firms.

    Currently there are 300 indigenous companies registered with the Petroleum Commission to work in the sector, while only 150 foreign companies do business in Ghana’s Petroleum Upstream Sector.

    Source: http://citibusinessnews.com/index.php/2016/08/25/local-participation-in-petroleum-industry-hits-221m-in-first-half-of-2016/

     

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do You Think ExxonMobil's Arrival Is Going To Make Significant Contribution Towards Our Oil Sector?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Dec 2018 >>
    MTWTFSS
    26 27 28 29 30 1 2
    3 4 5 6 7 8 9
    10 11 12 13 14 15 16
    17 18 19 20 21 22 23
    24 25 26 27 28 29 30
    31 1 2 3 4 5 6
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar