The Petroleum Regulation on Local Content and Participation bill is expected to come into force this month, after being passed by the Ghanaian government last November.
The bill is designed to ensure that international oil companies operating in Ghana are stimulating economic growth by utilising local expertise, goods and services, and thus creating local jobs. The new regulation echoes the recommendations made in the 2012 Africa Progress Report presented by Kofi Annan, Chairman of the African Progress Panel. The report set an agenda for maximising the value of Africa’s natural resource wealth and using it to its maximum benefit.
Patrick Phelan, Managing Director of Aquaterra Energy, said: “According to the International Monetary Fund, Ghana’s governance of the oil, gas and mining sector is highly regarded, and Aquaterra Energy hopes that this new regulation will help to stimulate further growth and employment for the country.
“Aquaterra Energy supplies a variety of services and products, including the design, development and installation of conductor supported platforms and high pressure riser systems, and is already active in Africa having worked in partnership with valued customers such as Sapetro and Tullow Oil. Aquaterra Energy is looking forward to providing more flagship engineering solutions to new and exciting offshore challenges in the region.”