{"id":390853,"date":"2018-01-12T05:35:41","date_gmt":"2018-01-12T05:35:41","guid":{"rendered":"http:\/\/citifmonline.com\/?p=390853"},"modified":"2018-01-11T21:07:36","modified_gmt":"2018-01-11T21:07:36","slug":"exxonmobil-must-abide-local-content-laws-analyst","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2018\/01\/exxonmobil-must-abide-local-content-laws-analyst\/","title":{"rendered":"ExxonMobil must abide by local content laws \u2013 Analyst"},"content":{"rendered":"

Oil industry analysts want authorities to enforce Ghana\u2019s local content policies as new entrants join Ghana\u2019s oil exploration industry.<\/p>\n

The comments also follow the commencement of operations of ExxonMobil in Ghana.<\/p>\n

The company is expected to sign an agreement with the government on Thursday, January 18, 2018, on the development.<\/p>\n

Citi Business News<\/strong>\u00a0has been speaking to some industry players ahead of the official signing and they believe government must work to avert some mistakes made in previous oil agreements.<\/p>\n

The Executive Director of KITE, Ishmael Egyekumhene described as good indication for future investments, the\u00a0coming on board of Exxon Mobil<\/a>.<\/strong><\/span><\/p>\n

He tells\u00a0Citi Business News<\/strong>\u00a0compelling oil companies to comply with the country\u2019s local content policies will help retain enough revenue in the system.<\/p>\n

\u201cAnybody signing a petroleum agreement will have to have that at the back of their minds\u2026We have targets as to how many Ghanaians should be employed, we have targets as to where they can source various products. These are all clearly spelt out in our local content policy. So unlike ten years ago, we are in a position where we seem to know what we like and what we expects for us so I expect them to go strictly by our local content policy,\u201d he stated.<\/p>\n

For this year (2018) alone, government is seeking to raise 3.2 billion cedis in revenue from the oil sector.<\/p>\n

This is slightly higher than the 3.1 billion cedis estimated in 2017.<\/p>\n

As at September 2017, Government has accrued 1.45 billion cedis from the oil sector.<\/p>\n

For this year, government has also projected crude oil price of 57.36 dollars per barrel.<\/p>\n

With production expected to come from the current oilfields which are the Jubilee, TEN and Sankofa Gye Nyame.<\/p>\n

Meanwhile Energy Minister, Boakye Agyarko has also indicated that his outfit will subject all oil blocks contract to competitive bidding to give value for money.<\/p>\n

\u201c\u2026Implement open and transparent public competitive tender processes in the award of petroleum blocks, it is our target that this year we conduct the first bidding grounds for the award of exploration introduction rights to successful companies.\u201d<\/p>\n

Already, the African Centre for Energy Policy (ACEP) has urged that government sanctions all oil companies that fail to comply with the countries laws guiding oil exploration.<\/p>\n

\u201cAnd how that happens, we have to continue to interrogate whether the politicians are behind them and just giving them the extension even though they are not performing, we have to continue to interrogate that to ensure that the country\u2019s interest is rather served than that of the politicians,\u201d the Executive Director of ACEP Benjamin Boakye told\u00a0Citi Business News<\/strong>.<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil industry analysts want authorities to enforce Ghana\u2019s local content policies as new entrants join Ghana\u2019s oil exploration industry. The comments also follow the commencement of operations of ExxonMobil in Ghana. The company is expected to sign an agreement with the government on Thursday, January 18, 2018, on the development. Citi Business News\u00a0has been speaking […]<\/p>\n","protected":false},"author":14,"featured_media":390572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,170,11],"tags":[699,16073,16075,16074],"yoast_head":"\nExxonMobil must abide by local content laws \u2013 Analyst - Citi 97.3 FM - Relevant Radio. 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