The Ghana Free Zones Authority (GFZA) CEO; Michael Okyere Baafi has submitted that the creation of an Oil and Gas Department forms party of efforts to reach out to the public and stimulate keener participation of local players in the Free Zones scheme.
The setting up of the Oil and Gas Department in accordance with the Petroleum (Local Content and Local Participation) Regulations 2013, L.I. 2204 compels players in the upstream petroleum sector to utilise the services of Ghanaian companies and individuals but the oil and gas companies are yet to break into the Free Zones programme.
Among others, the department will offer guidelines on the Standards Operating Procedures (SOPs) of companies in the Oil and Gas Industry as well as streamline trade documentation.
“The rational is to reduce costs, increase efficiency and project business results for all stakeholders in the Free Zones. It will also facilitate Public Private Partnership (PPP) investments and Joint Ventureship between foreign and indigenous companies in oil and gas and the Free Zones Authority,” Mr. Baafi further submitted.
It is expected collaboration with the Ghana National Petroleum Corporation, Ghana Gas, Association of Oil and Gas Service Providers, Petroleum Commission, Local Content Unit, National Petroleum Authority, and the Ministry of Energy should ensure a better oil and gas regime.
By Michael Eli Dokosi/goldstreetbusiness.com