He said the Local Content law on Oil and Gas has allocated 10 percent contracts on services in the sector to Ghanaian businesses and appealed to them to position themselves properly to gain them.
Mr. Buah said this during an interaction with journalists after inspecting some facilities at the T-2 expansion project at the Aboadze Thermal Plant.
He said a Petroleum Commission (PC) was set up to ensure that provisions in the law are enforced to the letter while a Committee has also been constituted to undertake monthly reviews of the oil companies’ performances in the country to ensure compliance.
“Now, when oil blocks arc being awarded, the law considers the financial and technical abilities as well as the local content commitment of the oil companies,” he said.
Mr. Buah, the Member of Parliament for Ellembelle, said provision has been made to impose stiffer punishments for oil companies teat blatantly violate the law.
He said PNDC Law 84 on petroleum will be reviewed and appealed for SMEs to build capacity that meets specifications in the petroleum sector in order not to lose out on contracts to foreign bidders.
Mr. Buah said the Law on the Petroleum industry will ensure transparency in the tendering process and clear any uncertainties regarding the award of contracts in the sector.
He added that the law has reduced the number of years an oil company can operate an oil block from 30 years to 25 years, and commended the Enterprise Development Centre for taking up the challenge to train and build the capacity
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