By Mildred Siabi-Mensah, GNA
Aboadze (WR), Oct. 20, GNA – The Petroleum Commission has assured indigenous oil and gas companies of measures to improve upon their business prospects in 2027, including increased exploration activities, a review of petroleum regulations and plans for a Local Content Fund to improve access to finance.
Madam Victoria Emeafa Hardcastle, Chief Executive Officer of the Commission, said agreements with major industry players were being finalised to facilitate further exploration activities in the coming year.
She said the review of petroleum regulations was also intended to make Ghana’s oil and gas industry more competitive, while the proposed Local Content Fund would help indigenous companies access financing to expand their operations and compete effectively.
Madam Hardcastle gave the assurance during a visit to six indigenous oil and gas companies in the Western Region to assess their operations, identify challenges and obtain feedback to inform policy decisions and industry planning.
The visit involved the Board of the Commission and members of the Local Content Committee, who engaged the companies on operational constraints and measures to strengthen local participation in the petroleum industry.
Madam Hardcastle also emphasised the need to develop local expertise to meet industry requirements and provide specialised services to other African countries, thereby generating foreign exchange for Ghana.
At Seven Eleven Energy Services, Mr. Isaac Anokye, the Managing Director, commended the Commission for ensuring compliance with regulations in the sector.
He said the company had the human resources and capital capacity to meet clients’ operational needs, adding that its five-year development plan was aimed at establishing it as a leading provider of maintenance and repair services to the industry.
Seven Eleven Energy Services is the official agent for John Crane, a company that provides engineered products and services for industrial applications.
At Harlequin, Mr. Frederick Hesse Tetteh, the Chief Executive Officer, expressed concern about the underutilisation of the company’s operational capacity.
He said the company provided subsea equipment for Floating Production, Storage and Offloading (FPSO) vessels and called for stronger collaboration among industry players.
Mr. Tetteh said effective collaboration could strengthen indigenous companies’ participation in bidding processes and improve upon their chances of securing contracts.
He welcomed the review of the petroleum regulations and stressed the need for an industry environment that enabled local businesses to compete effectively.
At Abave, Inspection Ghana, Madam Yaa Amoako Adu, the Chief Executive Officer, commended the Commission for its guidance and support in the company’s transition from a joint venture to a fully Ghanaian-owned enterprise.
The Commission also visited Omni Energy, Wayoe Engineering and Oilfield Machine, all wholly Ghanaian-owned businesses operating in the oil and gas sector.
A key concern raised by the companies was the impact of the downturn in industry activities on their equipment and personnel, with the firms seeking measures to sustain operations and protect their investments.
The companies referred to reduced exploration, fewer contracts and lower production activity as a major challenge over the period.
Mr. Seth Twum Akwaboa, a member of the Commission’s Board and President of the Association of Ghana Industries, encouraged the companies to join the Association to benefit from available opportunities, including the government’s VAT deferment arrangement.
He said participation in the Association could also provide access to support and opportunities to strengthen their businesses.
GNA
Edited by Justina Hilda Paaga/Linda Asante Agyei
Reporter Mildred Siabi-Mensah