Minister of Energy and Petroleum Hon Emmanuel Armah-Kofi Buah has allayed fears of investors and other players in the oil and gas sector who thought the passage of the Local Content Law will limit investment opportunities, explaining that the Local Content and Local Participation in Petroleum Activities Regulations 2013 (LI 2204) passed by Parliament during the week will aid both local and foreign companies and not affect them adversely.
Hon Armah-Kofi Buah gave the assurance during deliberations with representatives international service providers in the oil and gas sector to thrash out their differences and find ways of ensuring that the law achieves the purpose for which it was passed.
The Minister indicated that though some of the concerns raised by foreign companies were incorporated in the law, there were some provisions of the law that Ghana holds dear and therefore cannot compromise.
He said that the State will make use of the 90days transitional provision in the law to allay fears of foreign companies.
He said the meeting with stakeholders in the oil and gas industry after the passage of the LI was necessary because it presents them the opportunity to show their commitments to build capacity of Ghanaians to actively partake in the oil and gas sector.
�I believe it is important for us to get together to affirm our commitment for local content, and for the Ministry and Petroleum Commission to also give you the assurance that we are ready to work with all stakeholders to make sure that all what needs to be done to get ready for the implementation of this LI is done. We will be reasonable and flexible with stakeholders to ensure that we are all winning together�. The Energy and Petroleum Minister further assured.
The Minister commended companies in the sector for their contributions in ensuring the passage of the LI, adding that the Ministry of Energy and Petroleum in its quest to build capacity of local companies, have partnered some companies to set up Enterprise Development Center (EDC) to train SMEs to be able to compete and meet high standards required in the oil and gas industry.
Commercial Director of Kosmos Energy, Philip Liverpool who spoke on behalf of Oil Service Providers commended the Ministry for spearheading the passage of the LI, adding that he is optimistic players in the industry will adhere to provisions in the LI and make it successful.
Mr Liverpool further urged the Minister to persuade government to consider some issues they raised prior to the passage of the LI and factor in into the amendment when the three months transitions period elapse.
Source: MINISTRY OF ENERGY &PETROLEUM
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