• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Indigenous oil & gas coys get $3.6bn contracts in 3yrs

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
65
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Indigenous oil & gas coys get $3.6bn contracts in 3yrs

The upstream petroleum industry awarded contracts worth US$3.6billion to indigenous companies over the last three years, thereby deepening the local content policy.

The contracts were awarded between 2018 and 2021 by upstream petroleum exploration and production firms as part of efforts to increase local participation, says the Ghana Upstream Petroleum Chamber.

Last year, contracts valued at US$754million were awarded to local companies operating along the value chain – up from US$300million in 2020 and US$670million the previous year. In 2018, the value was US$370million, the Chamber’s maiden report said.

The National Petroleum Commission, the upstream industry regulator, requires that production and exploration companies award contracts to Ghanaian companies where local knowledge, skills and capacity exist.

Under the Local Content and Local Participation Law – LI2204, the Commission defines local content to include the quantum/percentage of locally produced materials, personnel, financing, goods and services rendered to the oil industry which can be measured in monetary terms.

A total of 1,571 indigenous firms had registered with Petroleum Commission as at end of 2021. These companies provide a wide range of services and products including fabrication, food and raw material supply, among others.

RelatedPosts

AfCFTA Secretary-General Mourns Ghana Helicopter Crash Victims

15% US Tariff on Ghanaian Exports Takes Effect Today

President Mahama Reassigns Defence and Environment Ministerial Portfolios Following Fatal Helicopter Crash That Killed Two Ministers

Similarly, efforts to increase locals’ employment in the upstream industry has yielded dividends, with 90 percent of the industry’s total 5,280 workforce being Ghanaians in 2021 – from 87 percent and 85 percent in 2020 and 2019 respectively.

This represents a marked change, given that less than 10 years ago close to 40 percent of the industry’s workers were expatriates

“Local companies, like all businesses, do well when the industry is thriving. We have some serious companies in fabrication, logistics and environmental management and training,” David Ampofo, Chief Executive Officer of the Chamber, told the B&FT.

He however said that local content suffers when the industry is not growing as it should. “The more business they get, the more successful we will be at ensuring the benefits of oil and gas are transformative.”

After discovering hydrocarbon resources in commercial volumes during the early 2000s, Ghana has sought to not only use oil for accelerating socioeconomic development but also provide avenues for indigenes to actively participate in the sector.

Subsequently, in November 2013 LI2204 was promulgated to, among others, promote maximisation of value-addition and job creation through the use of local expertise, goods and services business; and financing in the petroleum industry value chain with profit retention in Ghana.

Tags: Ghana Upstream Petroleum ChamberNational Petroleum Commissionupstream petroleum exploration and production firms
No Result
View All Result

Highlights

GOC Suspends King’s Baton Relay in Response to Tragic Helicopter Crash Claiming Eight Lives, Including Two Ministers

Kopa Trophy 2025: Yamal, Doue, and Agyemang Lead Nominees for Best Young Player

Letshego Ghana Delivers Strong and Stable H1 2025 Results, Driven by Solid Business Fundamentals

Ghana Chamber of Mines Pays Tribute to Omane-Boamah, Dr Murtala Mohammed and Six Others in Helicopter Crash

FirstBank Ghana Equips Graduate Trainees 

GRTCC Suspends 20% Transport Fare Hike Following Talks with Transport Ministry

Trending

Features

AfCFTA Secretary-General Mourns Ghana Helicopter Crash Victims

August 7, 2025

AfCFTA Secretary-General Mourns Ghana Helicopter Crash Victims The Secretary-General of the African Continental Free Trade Area (AfCFTA),...

15% US Tariff on Ghanaian Exports Takes Effect Today

August 7, 2025

President Mahama Reassigns Defence and Environment Ministerial Portfolios Following Fatal Helicopter Crash That Killed Two Ministers

August 7, 2025

GOC Suspends King’s Baton Relay in Response to Tragic Helicopter Crash Claiming Eight Lives, Including Two Ministers

August 7, 2025

Kopa Trophy 2025: Yamal, Doue, and Agyemang Lead Nominees for Best Young Player

August 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.