petroleum commission

The Petroleum Commission (PC) has so far awarded over $3.6 billion worth of contracts to Indigenous Ghanaian Companies (IGCs), Kwaku Boateng, the Director of Local Content, has announced. Again, about $8.7 billion worth of contracts have been awarded to foreign companies, while $6.3 billion went to Joint Ventures (JVs). Additionally, Boateng reported that more than 10,000 direct jobs had been created with the local content development in the petroleum upstream activities in Ghana. Key investments in-country, he mentioned, include cementing units, waste management/thermal absorption plants, fabrication, hydraulic and engineering facilities, aviation hangars, bolts and nut manufacturing coating plants, chemical blending…

About 753 million barrels of oil has been produced since commercial production started, as at end of August 2024. The country, he pointed out, still has reserves of about 2.2 billion barrels of oil to bring to the surface. This, he said, is made of approximately 970 million barrels of oil equivalent – yet to be produced from the three producing fields as well as the recently approved Pecan field -and an estimated contingent reserve of 1.2 billion barrels of oil equivalent. Egbert Isaac Faibille, Chief Executive Officer (CEO)-Petroleum Commission said: “It needs to be noted that these contingent reserves…