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28.11.2018 Business & Finance

Prioritise Technology For Upstream Petroleum Operations

Prioritise Technology For Upstream Petroleum Operations
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The use of technology in any field of endeavour adds value and guarantees its success to a large extent. Thus, applying technology in the petroleum sector should be no exception.

This has been reaffirmed by the Chief Executive Officer of the Petroleum Commission, Egbert Faibille, who is urging companies operating within the petroleum sector to use technology in building the industry.

He believes that this will promote the upstream space and improve revenue for the sector and country as a whole.

He made the remarks at an engagement with some investors in the upstream petroleum sector.

Addressing a gathering of petroleum upstream sector players during the launch of the Subsea 7 Volta Contractors office, Mr. Faibille underscored the relevance of technology to the growth of Ghana's petroleum industry.

“We are hopeful that in the coming years, more things will happen to the people in business, we want to see a lot more technology transfer because that is one of the major plans of our local content regulations and laws, we want to see how best we can learn from your experiences all over the world and also grow our economy and for that matter our upstream space”, he explained.

CEO of the subsea 7 Volta Contractors Jean Cahuzac said his outfit is committed to providing technical know-how to Ghanaians to broaden their knowledge on petroleum issues.

He added that the company will have a 95% local content to ensure Ghanaians enjoy fully benefits to be derived with their establishment in Ghana.

“We are about 200 people, 98% Ghanaian. We are expecting it to grow massively in the next two to three years and be of immense support to the Ghanaian economy”, he assured.

Subsea 7 SA on October 10 announced the award of a contract by Tullow Ghana Ltd. on the Jubilee field, offshore Ghana, in water depths of up to 1000 m (3,280 ft).

The engineering, procurement, construction and installation contract is awarded under a consortium comprising Subsea 7 Volta Contractors and NOV Oil & Gas Services Ghana Ltd.

Subsea 7's scope of work includes the installation of the Buoy Turret Loading (BTL) system from APL, a group within NOV Completion & Production Solutions.

A significant part of the fabrication will be completed locally, in Ghana, and the offshore installation will take place in 2020.

---CitiNewsroom

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