Strengthen regulation to boost local participation in oil and gas

Malaika Dela Bakar, the Senior Vice President of Energy & Infrastructure at Stanbic Bank Ghana, has emphasized the need for a stronger regulatory framework to boost local companies’ involvement in Ghana’s oil and gas industry. She made these remarks during the annual Local Content Conference and Exhibition (LCCE) held in Takoradi, in the Western Region of Ghana.

Speaking on the theme of local participation in the oil and gas sector, Malaika Bakar highlighted the critical importance of capacity building for the future of Ghana’s energy sector. “Capacity building is essential as we look ahead.

It is imperative that we take charge of the future by actively developing the capabilities of our local indigenous companies. We must seize every opportunity to strengthen our skills and resources to position ourselves for success in this evolving industry,” she stated.

Malaika Bakar also called for a review of the existing regulatory framework governing the sector to better align it with the dynamic changes brought about by the energy transition and the global shift towards renewable energy sources.

“As we witness the ongoing energy transition and a growing emphasis on renewables, it is crucial that our regulations evolve to support local indigenous companies. We need to create a regulatory environment that not only facilitates their participation but also equips them to meet the challenges and opportunities posed by this shift,” she explained.

In addition to advocating for enhanced regulations, Malaika Bakar spoke about the value of partnerships as a key strategy for empowering local companies in the oil and gas industry. “Building the capacities of local companies requires more than just resources; it necessitates collaboration.

We need to leverage our existing partnerships to facilitate technology transfer and to provide local firms with the necessary skills and knowledge. This approach will ensure they are well-prepared to drive the sector’s growth and contribute meaningfully to Ghana’s energy agenda,” she noted.

The Local Content Conference and Exhibition (LCCE) is an annual flagship event organized by the Petroleum Commission of Ghana, dedicated to advancing local content and participation in the upstream petroleum industry.

This year’s event, themed “Attracting E&P Investment to Boost Local Content: New Pathways,” focused on promoting strategic discussions aimed at enhancing Exploration and Production (E&P) activities in the country while creating sustainable investment opportunities for local content development.

The 2024 edition of the LCCE brought together over 1,000 participants from across the globe, including key stakeholders, industry experts, government officials, and investors.

The participants engaged in comprehensive dialogues on best practices, innovative strategies, and collaborative approaches to stimulate E&P investments in Ghana’s oil and gas sector. The event served as a platform for knowledge sharing, networking, and fostering partnerships that can drive the sector’s growth while ensuring that local businesses reap significant benefits from the industry’s expansion.

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