On the 21st of November, 2023, the Energy Minister, Dr. Matthew Opoku Prempeh, inaugurated the exhibition segment of the 2023 Upstream Local Content Conference and Exhibition in Takoradi.
During a press briefing preceding the formal opening of the exhibition center, the Minister reflected on Ghana’s remarkable journey over the past decade.
He noted that in the initial stages of oil field development, prior to the implementation of the Local Content Regulations, only 6.5% of contracts were granted to Ghanaian companies.
However, after a decade of enforcing these regulations, the percentage of contract value awarded to local companies has increased substantially, reaching approximately 20%.
“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 Government and the Jubilee Partners resulted in addition of 30,000 barrels of oil per day to our production profile. This is aside the Eban and Akoma discoveries. These have also contributed a lot to the country’s gas potential with the increase in the proven gas reserves.”
The Minister opened the conference formally on Wednesday 22nd November, 2023 where discussions focused on local content development.