Petroleum Commission Urged To Ensure Ghanaian Companies Become More Competitive On The Market.

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The Factory Manager of Rigworld Solutions, one of the subsidiaries of Rigworld Group of Companies, Mr. Nicholas Amenyo has called on the regulators of the petroleum industry especially the petroleum commission which is mandated to implement the local content and implementation policy to assist the local Ghanaian companies by all legitimate means to ensure that they become more competitive on the market.

He also called on the extractive industry to rely on the local indigenous companies to provide them with essential services and goods during exploration and production.

Mr. Amenyo made the call when media practitioners were taken through the company to familiarise themselves with their operations.

The local content policy and legislation have been described largely as adequate, promising and necessary to promote local content and local participation in the oil and gas industry.

Implementation of the policy and legislation has, however produced mixed results, according to industry stakeholders. Evidence on the ground suggests some level of compliance by international companies to implement the policy and legislation on local content.

It is also said that the weakness in local content policies in the natural resources sector is cause for low participation of indigenes in the oil and gas industry hence the call on regulators to promote maximization of value addition and job creation using local expertise, goods and services, businesses, financing in the petroleum industry value chain and their retention in Ghana.

In 2010, the government unveiled the local content and local participation policy which sought to achieve a 90 percent Ghanaian content and participation across the value chain of the petroleum sector within a period of 10 years.

The policy at the initial stage was not backed by legislation until November 2013 when parliament passed the Local Content and Local Participation Regulations (LI 2204).

Rigworld Solutions, a newly established outlet of the Rigworld Group of Companies deals in high quality Ghanaian made bolts and nuts and hydraulic hoses.

The factory has a 60- ton rolling machine, and a stud master machine. The factory also does a PTFE coating (Polytetrafluoraethylene) for the bolts and nuts.

The company, which was established barely five months ago has already started supplying its products to some players in the petroleum sector.

This would improve the productivity of companies who purchase the products through efficiency and ensure that they use less time for procurement.

Ghana | | Matthew Dadzie