Acting Chief Executive Officer for Petroleum Commission, Egbert Faibille Jnr, has warned that in as much as government is critically paying heed to local content and local participation in the Oil and Gas sector, the Commission will not hesitate to apply sanctions.
Local content and local participation in the oil and gas industry follows an enactment of the Petroleum Regulations L.I. 2204 in 2013.
Speaking at the First Local Content Procurement Conference 2018, he said the Commission’s view of local content and local participation is that of partnership between the government and the oil and gas industry.
According to him, the local content is not a façade, saying that it is expected to create a winning situation for both Ghanaian and foreign countries and by extension the nation.
In his view, the industry will be experiencing a major boost, based on market analyst anticipation of a rise in the coming months in spite of already recent upsurge in global crude price.
“While the Local Content Regulation provides certain privileges to indigenous Ghanaian companies in terms of contracts, it also however, places certain responsibilities and obligations on them in much the same it places on foreign contractors,” he cautioned.
In addition, the ruling of the international Tribunal for the law of the Sea (ITLOS) on the maritime border dispute between Ghana and Ivory Coast gives high expectations in the industry.
Mr Faibille said the ruling has increased interest in Ghana’s sedimentary basins by major oil and gas companies.
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