Business News of Saturday, 2 June 2012
Aftermath of 2012 OTC - Ghanaian companies lauded for contribution
Ghanaian companies especially locally based ones in the oil and gas business have
been lauded for their commitment towards the growth of the sector.
The commendation was made by a deputy Minister of Energy in charge of Petroleum, Mr
Emmanuel Armah Kofi-Buah, in his official presentation at a Pan-African Programme
held and supervised by the USA Embassy in Ghana at the Reliant Arena in Houston,
Texas, in the United States of America (USA).
According to Mr Buah, “Over the last few years, about $6 billion has been spent on
exploration, development and production activities in Ghana; Out of this, less than
10% was contributed by local suppliers of goods and services.”
The event which was part of the just ended 2012 edition of the Offshore Technology
Conference (OTC) was also aimed at exploring new ideas as well as build direct
contact with their colleagues from the other parts of the world.
He added that their quest to become part of the Oil and Gas industry was important
to the Government of Ghana and promised of the government’s commitment to support
the private sector.
The sector minister expressed the optimism that “in the next 10 years, we estimate
that about $15-$20 billion would be spent on exploration, development and production
activities as well as supporting midstream and downstream infrastructure. Can you
just imagine the additional value that can be appropriated to the country for even
an additional 10%-20% increase in the substitution of foreign suppliers by local
Mr Buah, who also doubles as the Member of Parliament for Ellembelle in the Western
Region, indicated that Ghana as an infant oil producing country stands to benefit in
participating in events such as the OTC since it paves the way for the country to
become exposed to new technologies in the industry, establish international business
relationships, enhance business development as well as discover solutions to key
challenges confronting the oil and gas sector of the country.
He outlined the government’s vision for the energy sector as directed towards
developing an energy economy that will assure a reliable supply of high quality
energy services for all sectors of the Ghanaian economy and to become a major
exporter of oil.
The young and affable appointee of the Mills led government affirmed that Ghana’s
oil and gas prospects are real and noteworthy which stretches across the country’s
shoreline from the west (Tano Basin) to the east (Keta Basin) and also covers the
Volta Basin, which constitutes 40% of Ghana’s landmass.
The Volta Basin unfortunately is the least explored and it is in this light that
under the mining support program sponsored by the European Union, airborne
geophysical survey has been conducted on the basin whiles the Ghana National
Petroleum Corporation (GNPC) has been given access to this data.
To complement this and the other available data, he said some of the fifty local
companies which participated in this year’s OTC were the Ghana National Petroleum
Company (GNPC), Association of Ghana Industries, Allied Oil Company Limited, Attok
International Ghana Limited, Centre for Professional System and Service, Cicada
Consulting Limited, Cigads Security & Allied Services, Consolidated Shipping
Agencies Ltd as well as Dalpha Ghana Limited.
Others were Folks world Consulting Services, Geoquaye Company Ltd, Keness Ventures,
Macro Group, Meridian Logistics & Supply Ltd, Nexans Kablemetal Ghana Ltd,
Proconsult Ltd, Regency Aliance Insurance Ltd, SAL Consult Ltd, Sage Petroleum Ltd,
Schlumberger Ghana, Seaweld Engineering Ltd, Stable Capital Ltd, STMC Global Ghana,
Top Oil Company Ltd, Unity Oil Company Ltd Venture-G Travels Ltd, Walkdav Business
Ventures and Zodiac Marine Services Limited.