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 just ended Local Content Conference and Exhibition (LCCE), where industry stakeholders stressed that building a resilient,…
African oil-producing nations have been urged to balance local content development with investment at the Local Content Conference and Exhibition (LCCE). Industry stakeholders emphasized 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, highlighted Ghana's Offshore Cape Three Points (OCTP) project as an example of how upstream investments could generate significant opportunities for indigenous businesses. He noted that Eni Ghana awarded over US$4 billion in contracts to local companies during the project's development phase, leading to increased commercial activity and job creation in Takoradi.
However, he emphasized that sustained investment in upstream projects is crucial for successful local content development.
Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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