The 2024 Local Content Conference and Exhibition (LCCE) organised by the Petroleum Commission opened in Takoradi yesterday, on the theme “Attracting exploration and production investments to boost local content– new pathways.”
The three-day event is being attended by captains of the industry including the Ministry of Energy, the Petroleum Commission, Ghana National Petroleum Corporation (GNPC), Tullow Ghana and delegations from Nigeria, Uganda and Namibia.
In his keynote address, the Minister of State at the Energy Ministry, Mr Herbert Krapah, indicated that government had directed the Petroleum Commission to strategically promote the development of indigenous capacity.
This, he explained, would ensure in-country value creation, employment and skills development, technology transfer to Ghanaians, equity participation of Ghanaian businesses, and establishment of stronger linkages between the oil and gas sector and other sectors of the economy.
Mr Krapah said “We promote indigenous companies, not to discourage foreign participation and perpetuate inefficient and uncompetitive local businesses, but to ensure enduring and true partnerships.
“We do so not as a means of nationalisation of our petroleum sector or as a protectionist initiative of our resource, but, because we know that indigenous capacity is a sure dependable avenue for impacting our people, for change,” he said.
The Minister proposed that the LCCE should produce bold outcomes and resolution, saying “the lawyers should get to work.”
He stated that the high capital to labour ratio and high technical requirements should not deter Ghana, noting that, only a handful of indigenous companies were in exploration and production due to inadequate access to capital.
“Our fiscal and regulatory regime is evolving. We are a stable, peaceful country. We are blessed not only with resources, but a people with strong affinities– it must all count for local content.”
“Today, we speak of becoming masters of that same resource found produced and producing because the petroleum commission, together with other partners, give us the audacity to believe, to be equipped – to be ready – to be grounded in law and to be hired.”
The Chief Executive Officer, Petroleum Commission, Egbert Faibille Jnr, stated that exploration in the Onshore Voltarian Basin was a game-changer.
He said, Ghana’s efforts to become an onshore petroleum producer would soon come to fruition when Ghana Petroleum Commission (GNPC) completes its data acquisition works with the drilling of an exploratory well.
“Several millions of US dollars have been invested in data acquisition in the onshore Voltaian Basin. GNPC is making preparations towards the drilling of an exploration well that will usher in new exploration frontier in Ghana’s sedimentary basin.” Mr Faibille added.
He said, following the approval of the Plan of Development (PoD) for the Pecan Discovery, Ghana we would soon begin the development of the Pecan Field which would be Ghana’s fourth oilfield.
At peak production, Mr Faibille added, that the Pecan Field was projected to add about 80,000bbl/d to Ghana’s crude oil production and would be a major source of growth for the industry.
The theme of the event, he said, presented a compelling need to accelerate the exploration of Ghana’s hydrocarbons to avoid stranded resources.
“If we are not able to attract and retain exploration and production investments into Ghana’s upstream sector, local content will stagnate,” Mr Faibille suggested
FROM CLEMENT ADZEI BOYE, TAKORADI
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