The Minister for Energy and Petroleum, Emmanuel Kofi Armah-Buah has stated that government would not deal with companies that do not promote local participation in the oil and gas industry.

“No contracts will pass without local participation,” said the Minister.

The only way for the people to benefit immensely from the oil resources is to ensure that they are deeply involved in harnessing those resources, he noted.

According to the minister, the local content policy places emphasis on local participation in the sector.

Speaking at the launch of Ghana National Petroleum Corporation (GNPC) Oil and Gas Learning Foundation in Accra last Thursday, Mr Armah-Buah said the local content bill, which has been designed to create wealth, is currently before parliament and would mature after 21 sitting days.

He stated that all contracts in the oil and gas sector would be guided by the policy direction on local content after it receives approval from parliament.

While the policy is yet to take off, the government has decided to start with the next major projects in Ghana’s oil and gas sector, the Tweneboah-Enyera-Ntoumme (TEN) oilfields, the minister said.

Before lighting candles with representatives from the regions of Ghana to signify the birth of the GNPC Foundation, which is expected to offer scholarships to Ghanaians who want to pursue careers in the oil and gas sector, he noted that the local content policy and regulations would be meaningless if the people and institutions, who would be required to provide skills, services and supplies, lack the requisite capacity to do so.

The Energy Minister announced that Ghana expects to an estimated amount of $20 billion to be invested in the oil and gas industry in the next five years and that it is essential to ensure that Ghanaians derive maximum benefits from the investments.

The GNPC Oil and Gas Learning Foundation was set up to create knowledge in the pursuit of Ghana’s aspirations in the oil and gas sector.

The foundation, which started operations in 2012, has so far offered financial support to 14 people to cover their tuition and other expenses for their bachelor, master and doctorate degrees.

Nana Boakye Asafu Adjaye, Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC), said the aim of establishing the foundation is to enhance returns on Ghana’s investment in the oil and gas sector.

He said GNPC, through the foundation, hopes to fulfill one of its key mandates of ensuring the training of citizens of Ghana and the development of national capacities in all aspects of petroleum operations.

“The establishment of the foundation gives meaning to our core pillar of building capacity and catalyzing local content development. This initiative is not about training GNPC employees.”

He said since Ghana is an established producer, there was the need to invest strategically in the development of local content and national capacity.

The GNPC boss said an amount of GH¢3,000,000 was allocated to the foundation as seed money last year.