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


Follow the money

Local suppliers in oil and gas industry awarded US$453m worth of contracts in 2018

  • SOURCE: Citi FM | qwesa2big
  • Indigenous Ghanaian companies operating in the oil and gas sector received more than US$450 million worth of contracts for the supply of goods and services in 2018.

    According to a report prepared by the Finance Committee of Parliament, the Ghanaian participation in the upstream petroleum industry was on the increase in the period under review.

    More than 600 indigenous companies registered with the Petroleum Commission to supply goods and services to oil and gas firms.

    The Parliamentary report dubbed 2018 Reconciliation Report on the Petroleum Holding Fund further revealed that in addition to contracts given to indigenous Ghanaian firms, joint venture companies also got US$346 million in contracts.

    In all, more than US$799 million were awarded to indigenous Ghanaian companies and joint ventures – this represents more than 44 percent increase over the 2017 contract sums.

    The report noted that a number of measures are being pursued by stakeholders to maximise the participation of Ghanaian companies in the oil and gas industry.

    Some of the measures include specification of bid evaluation criteria to give greater weight for local content as well as the application of sanctions and penalties for breaches of provisions in the Local Content LI 2204.

    Leave a reply

    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
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar