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Two offshore oil blocks are reserved for the GNPC, which will likely seek partnership with independent oil companies to support exploration and production.
The Ghanaian government is considering revising the regulations of the sector in an effort to shore up Ghana’s oil recovery rate of about 25%, which is lower than anticipated.
The Ghana’s government intends to reward investors willing to invest and meet Ghana’s local content requirements. Ghana’s oil sector needs technical training for local companies. Ghana lacks storage facilities for its gas products.
Sub-Sector Best Prospects
There is an immediate need for oil and gas service firms that can partner with indigenous Ghanaian companies to support the offshore activities of the international oil companies. Domestic Ghanaian companies do not have the ability to provide a broad range of services despite local content requirements mandating a minimum level of local participation. Joint venture firms with foreign partners contributing technology and know-how to a partnership with a reliable local company will be highly sought after. In addition to providing equipment and services directly to the exploration and production companies, training programs to increase the capacity of Ghanaian firms to provide these services are likely to be highly successful.
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