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


News in Brief

Ghana: Oil industry to yield $20 billion in 5 years

oil moneyGhana’s oil industry is expected to rake in $20 billion in investment in the next five years. The Minister of Energy and Petroleum, Mr Emmanuel Kofi Armah-Buah, announced this at the launch of the GNPC Oil and Gas Learning Foundation in Accra yesterday.

He said it was imperative that the country put its house in order to be able to derive maximum benefit from both the development of oil wells and investments in the sector.

Mr Armah-Buah said in pursuance of this objective, the local content law had been placed before Parliament and would mature for implementation after 21 sitting days.

Once the instrument becomes operative, he said all contracts in the oil and gas sector would be guided by the new policy direction on local content.

“What this means is that starting from the next major project in Ghana’s oil and gas sector, I mean the TEN Field (Tweneboah-Enyera-Ntoumme), complex development and production, all contracts will be guided by this new policy direction. No contract will pass without local participation,” the minister added.

These notwithstanding, he pointed out that “the local content policy and regulations would be meaningless if the people and institutions who would be required to provide skills, services and supplies lack the capacity to do so”. Accordingly, Mr Armah-Buah said, the ministry had invested in building the capacities of people and institutions to be able to take advantage of these developments.

He mentioned the establishment of the Enterprise Development Centre (EDC) to build the capacity of small and medium enterprises (SMEs) as one such initiative.

Mr Armah-Buah also announced that the Petroleum Exploration and Production Bill had undergone further stakeholder consultations to enrich it and was awaiting Cabinet’s approval, before it would be laid before Parliament.

Source: Graphic Business

Get the latest news and updates on Ghana’s oil and gas value chain by following us Reporting Oil and Gas on twitter @oilgasghana and like our facebook page and get at us on Google+. Subscribe to our group to get updates.

 

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


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
<< Aug 2017 >>
MTWTFSS
31 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
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar