Aftermath of 2012 OTC - Ghanaian companies lauded for contribution

Ghanaian companies especially locally based ones in the oil and gas business have been lauded for their commitment towards the growth of the sector.

The commendation was made by a deputy Minister of Energy in charge of Petroleum, Mr Emmanuel Armah Kofi-Buah, in his official presentation at a Pan-African Programme held and supervised by the USA Embassy in Ghana at the Reliant Arena in Houston, Texas, in the United States of America (USA).

According to Mr Buah, “Over the last few years, about $6 billion has been spent on exploration, development and production activities in Ghana; Out of this, less than 10% was contributed by local suppliers of goods and services.”

The event which was part of the just ended 2012 edition of the Offshore Technology Conference (OTC) was also aimed at exploring new ideas as well as build direct contact with their colleagues from the other parts of the world.

He added that their quest to become part of the Oil and Gas industry was important to the Government of Ghana and promised of the government's commitment to support the private sector.

The sector minister expressed the optimism that “in the next 10 years, we estimate that about $15-$20 billion would be spent on exploration, development and production activities as well as supporting midstream and downstream infrastructure. Can you just imagine the additional value that can be appropriated to the country for even an additional 10%-20% increase in the substitution of foreign suppliers by local suppliers?”

Mr Buah, who also doubles as the Member of Parliament for Ellembelle in the Western Region, indicated that Ghana as an infant oil producing country stands to benefit in participating in events such as the OTC since it paves the way for the country to become exposed to new technologies in the industry, establish international business relationships, enhance business development as well as discover solutions to key challenges confronting the oil and gas sector of the country.

He outlined the government's vision for the energy sector as directed towards developing an energy economy that will assure a reliable supply of high quality energy services for all sectors of the Ghanaian economy and to become a major exporter of oil.

The young and affable appointee of the Mills led government affirmed that Ghana's oil and gas prospects are real and noteworthy which stretches across the country's shoreline from the west (Tano Basin) to the east (Keta Basin) and also covers the Volta Basin, which constitutes 40% of Ghana's landmass.

The Volta Basin unfortunately is the least explored and it is in this light that under the mining support program sponsored by the European Union, airborne geophysical survey has been conducted on the basin whiles the Ghana National Petroleum Corporation (GNPC) has been given access to this data.

To complement this and the other available data, he said some of the fifty local companies which participated in this year's OTC were the Ghana National Petroleum Company (GNPC), Association of Ghana Industries, Allied Oil Company Limited, Attok International Ghana Limited, Centre for Professional System and Service, Cicada Consulting Limited, Cigads Security & Allied Services, Consolidated Shipping Agencies Ltd as well as Dalpha Ghana Limited.

Others were Folks world Consulting Services, Geoquaye Company Ltd, Keness Ventures, Macro Group, Meridian Logistics & Supply Ltd, Nexans Kablemetal Ghana Ltd, Proconsult Ltd, Regency Aliance Insurance Ltd, SAL Consult Ltd, Sage Petroleum Ltd, Schlumberger Ghana, Seaweld Engineering Ltd, Stable Capital Ltd, STMC Global Ghana, Top Oil Company Ltd, Unity Oil Company Ltd Venture-G Travels Ltd, Walkdav Business Ventures and Zodiac Marine Services Limited.