The Chief Executive of International Energy Services Company, Wood Group has expressed misgivings about the timelines set for the local content targets in the new legislation.

Ian McKay is advising the country to rather give more attention to building the competency of local players.

He said it’s important for foreign companies to have confidence in local expertise.

Mr. Mckay has been speaking to Joy Business, ahead of an engagement between the Petroleum Commission and oil operators on implementation of the new law.                 

Meanwhile, Wood Group Ghana Limited has signed a Memorandum of Understanding (MOU) with Ghanaian company Hydra Offshore Limited to provide subsea engineering services to local operators. This move highlights Wood Group's commitment to nationalisation and engaging the local supply chain in countries it operates.

The collaboration will combine strengths of Hydra Offshore's subsea engineering capabilities with technical experience, capability, technology and technical assurance of Wood Group's global oil and gas business.

Ian McKay said, "Wherever Wood Group works in the world, we endeavour to do our part to create jobs, develop local resources and stimulate the economic base. We continually expand the local content of our activities and operations in line with our core values and this partnership with Hydra Offshore will underpin this work.

"This partnership reflects our commitment to growing our business in Ghana and it directly supports the aims of the Enterprise Development Centre, to assist Ghanaian small and medium enterprises in positioning themselves to take advantage of opportunities in the oil and gas sector.”

Delali Otchi, chief executive officer for Hydra Offshore on his part told Joy Business his outfit was committed to the national agenda of maximising local content.

He said the company strives to achieve a very high degree of Ghanaian content practicable without compromising operational and technical integrity.

"Our partnership with Wood Group and other affiliates is designed to encourage the needed knowledge transfer required to promote local participation of Ghanaian companies in the oil and gas sector" he said.