Ghana and UK share experiences in oil and gas sector

Government has set up a Local Content Committee aimed at ensuring local participation in the economic derivatives in the oil and gas industry.

To achieve this, the committee is putting in place a comprehensive Ghana Content Development Policy as a framework to guarantee active participation of Ghanaians in oil and gas activities without compromising standards.

The Energy Minister, Mr. Felix Owusu-Adjapong who disclosed this at a United Kingdom (UK) oil and gas workshop in Accra, said the policy also focuses on the promotion of value addition in Ghana through utilization of local raw materials, products and services, in order to stimulate growth of indigenous capacity.

The announcement of the discovery of oil in commercial quantities in Ghana by Kosmos Energy, Anadarko Petroleum and Tullow Ghana Limited has brought a flurry of oil-related activity.

This explains why the UK Trade and Investment organised the workshop to create awareness of the opportunities in the oil and gas sector in Ghana for UK companies and to facilitate joint venture partnerships between UK companies and their Ghanaian counterparts.

Mr. Owusu-Adjapong said the workshop was timely, as Ghana prepares for the proper management of the oil and gas, which calls for innovation, partnerships and new collaborations.
“As Ghana becomes an oil producing country, problems associated with such new developments will confront us. It is nonetheless not out of place for our government to partner our development partners and play its expected role to champion the well being of her people.”

He assured that government will continue to enforce the relevant laws of the country and where necessary enact appropriate laws and regulations that would be consistent with the new oil economy.

“It is also important for our policy initiatives to take advantage of the renewed interest of international oil companies in the geological basins of Ghana.”

The workshop coincided with a visit by UK oil and gas trade missions to Ghana, led by the UK West Africa Action Group.

The Chief Executive of UK Trade and Investment, Mr. Andrew Cahn said his team recognizes the huge uncertainties in the oil and gas industry and that the sudden development in Ghana calls for cautious polices to be put in place to build up security networks to enable the Ghanaian industry develop smoothly.

Mr. Jon Woodwards, International Business Director, UK West Africa Advisory Group noted that the key issue for Ghana is the need for her to act fast in order not to be overtaken by events.

“The approach could include consistency of policy, promotional activities and the creation of simple and welcoming business climate. Ghana must also be equitable by sharing risks and rewards.”

In the global competition, he said Ghana should be positioned to attract the right investors to the supply chain, since the country will be competing with other countries for finance, specialist and expertise.