African oil producers urged to balance local content with investment
African oil-producing countries have been urged to strengthen local content development by creating a sustainable pipeline of upstream investments and projects, while maintaining an enabling business environment that attracts international investors. The call was made at the Local Content Conference and Exhibition (LCCE), where industry stakeholders stressed that building a resilient, competitive and sustainable oil and gas sector requires more than policies promoting indigenous participation.
It also demands continuous exploration, new project development and strategic partnerships capable of generating lasting opportunities for local businesses. Deputy Managing Director of Eni Ghana, Mr Baluri Kassim Bukari, emphasized that Ghana’s experience demonstrated the intrinsic link between local content development and the level of upstream sector activity and investment.
He cited the OCTP project, operated by Eni Ghana, as an example of how upstream investments could generate significant opportunities for indigenous businesses, awarding more than US$4 billion in contracts to local companies and creating employment during the project's development phase.
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