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Below is an essay on "Local Content" from Anti Essays, your source for research papers, essays, and term paper examples.

MINISTRY OF ENERGY
Republic of Ghana
Local Content and Local Participation in
Petroleum Activities –
Policy Framework
FEBRUARY 26th, 2010
1
Table of Content
1.0 Policy Context....................................................................................... 2
2.0 Policy Goal............................................................................................. 4
3.0 Vision and Policy Framework................................................................ 4
4.0 Policy Objectives..................................................................................... 5
5.0 Policy Directions....................................................................................... 6
2
1.0 Policy Context
Oil and Gas Development in Ghana
In 2007 Ghana made discoveries of oil and gas in two deepwater blocks: Cape
Three Points and Tano by Kosmos Energy and Tullow respectively. The two
discoveries, referred to as the “Jubilee Field”, is operated by Tullow as a
unitised field. Appraisals conducted indicate that the field contains expected
recoverable reserves of about 800 million barrels of light crude oil, with an
upside potential of about 3 billion barrels as well as significant quantities of
associated natural gas. The discovery of commercial quantity of oil and gas
provides Ghana an opportunity to effectively reduce foreign exchange
requirements for the importation of oil as well as increase the country’s export
earnings and to also develop gas-based industries. The expectation of
Ghanaians as to the potential impact of the oil and gas find on the national
economy and the individual Ghanaian has grown significantly.
Government Development Agenda
A key development objective of Government is to grow the economy to rapidly
achieve accelerated development and industrialisation. The oil and gas
industry is known to contribute significantly to the strong economic growth of
countries that produce oil and gas. It is anticipated that the...

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