Oil and Gas: Increase minimum equity stake of Indigenous Companies to 20 percent- Co-CEO Harlequin

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Co-Chief Executive Officer for Joint Ventures and Strategic Alliance, Harlequin Oil and Gas Limited, Mr. Kofi Oduro Mensah is appealing to the Ghana’s Upstream Oil and Gas regulator; the Petroleum Commission (PC) to consider in its review of the Local Content Regulation (L.I 2204), an appreciation of the minimum equity stake/ requirement for indigenous Ghanaian Companies in the industry, to 20 percent.

Currently the Petroleum Commission has bench-marked the minimum equity participation for indigenous Ghanaian Companies in Joint Venture Companies to 10 percent.

But Mr. Mensah believes indigenous Ghanaian Companies could have a greater stake in the industry, thus ensure that JVs are adding value to the country. He prayed that such a consideration could be factored in the Commission’s planned review of the regulation, which will be introduced this year.

“With a higher equity stake, indigenous companies could ensure that these JVs are adding value to the country, as opposed to only existing as JVs on paper.” he explained.

Mr Mensah noted in an interview that was published in the special “Ghana 2020” edition of The Oil and Gas Year (TOGY), that the introduction of the local content law, LI 2204, has brought about an evolution of indigenous Ghanaian companies; “from providing services as catering and manpower supply, to offer technical services to International Oil Companies and International Service Companies alike”

He commended the Petroleum Commission for creating an environment in which
indigenous businesses are able to gain a stronger foothold in the industry and encouraged
local businesses to continuously develop local expertise.

 

The Local Content Achievement Company of the Year 2020

Harlequin Oil and Gas, a leading, fully Ghanaian owned Fabrication, Hydraulics and General Engineering Services Company has been adjudged “Local Content Achievement Company of the Year 2020” by The Oil and Gas Year (TOGY), the most prestigious oil & gas journal with global footprints.

The award recognized the importance of the recent acquisition of the Harlequin Group by a group of local entrepreneurs in 2018. The acquisition made the Harlequin Group, an
already prominent player in the upstream service sector, eligible for certification by the
Petroleum Commission (PC) as a fully indigenous Ghanaian company in 2019.

Mr. Kofi Oduro Mensah, Co-CEO for Joint Ventures (JV) and Strategic Alliances, Harlequin
Oil and Gas Limited, said “We are highly appreciative that a global industry journal has
recognized what we are doing at Harlequin to further develop Ghana’s fledgling upstream
oil & gas space. We dedicate this award and associated recognition to each and every one
of our hardworking employees who relentlessly pursue the highest level of perfection in our
day-to-day operations,” he said.

 

Prospects in the industry

Co- CEO for Projects, Commercial and Corporate Strategy, Mr. Frederick Hesse-Tetteh shared his excitement for the future of Ghana’s upstream oil and gas industry and noted
the various upcoming projects within the sector.

“We are excited about the future. With the Springfield and Aker Energy findings, there seems to be a lot of upcoming activities. In the next two or three years, we expect to see a huge boom in full field development and oil production, with additional assets moored offshore including FPSOs and rigs which shall provide opportunities for local business,” he stated with some excitement.

 

About Harliquen Oil and Gas Limited

Harlequin Oil and Gas was established in 2015. Harlequin has grown from strength to strength since its inception and has become a true market leader and a Flagship facility in Ghana and West Africa the company’s operations covers the full spectrum of services in fabrication, engineering and hydraulics services in Oil and Gas, Mining, Ports & Harbours and Agriculture among others.

Harlequin is the first Ghanaian company that covers the total spectrum of fabrication, engineering and hydraulic services with ISO 9001:2015 accreditation.
Company set up in Ghana as the Hub into West Africa with its Head Office in Tema and facilities in Takoradi.

Harlequin “ploughs” back into the Ghanaian economy through local content and investment in the training of Small and Medium Scale Enterprises in the oil and gas sector. The company invests in its staff by bringing them up to international standards. Harlequin has created employment and opportunities for young people through internship/national service
placements. They have currently built a Library to be presented to Ewusiejoe Primary School as part of their anniversary celebrations.

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