Energy Minister, Dr. Matthew Opoku Prempeh, on Tuesday, November 21, 2023, opened the exhibition component of the 2023 Upstream Local Content Conference and Exhibition in Takoradi.
Speaking at a press briefing before the formal opening of the exhibition center, the Minister said over the past 10 years, Ghana has covered a long and successful road.
He said in the first oil field development prior to the passage of the Local Content Regulations, only 6.5% of contracts were awarded to Ghanaian companies.
However, a decade after the passage of the Regulations, about 20% of the value of contracts has been awarded to Ghanaian companies.
“At each conference and exhibition, we exchange views on the work done over the past year. I remember talking about the need for reserve replacement at last year’s exhibition as a means to sustain local content development,” he said.
He continued, “I am glad that the concerted efforts of the Government and the Jubilee Partners resulted in the addition of 30,000 barrels of oil per day to our production profile. This is aside from the Eban and Akoma discoveries. These have also contributed a lot to the country’s gas potential with the increase in proven gas reserves.”
The Minister will open the conference formally on Wednesday, November 22, 2023, where discussions are expected to focus on local content development.