Local Content Records 44% Rise In Upstream Oil Sector

The Ministry of Energy has announced a 44 percent increase in local content and local participation in Ghana’s upstream oil and gas sector.

Minister of Energy, John Peter Amewu in an address to journalists on Tuesday, February 5, 2019 at the Ministry of Information’s Meet The Press Series, disclosed that as at the end of September 2018, about 600 indigenous Ghanaian companies had registered with the Petroleum Commission, providing goods and services to firms in the oil and gas industry.

According to him, the total value of contracts awarded to indigenous Ghanaian companies and Joint Ventures over the period amounted to $799 million, representing 44 percent.

Out of the amount, the Minister explained, a total of $453 million worth of contracts were awarded to indigenous Ghanaian firms whilst Joint Ventures recorded an amount of $346 million.

Additional, Aker Energy, he stated, awarded contracts worth $40.3 million to Joint Ventures companies in accordance with their local contract obligations.

---Daily Guide