Mr Emmanuel Armah-Kofi Buah, Minister of Energy, on Friday laid before Parliament the Legislative Instrument on Petroleum Regulations, 2013 (LI 2204).
The passage of LI 2204 would provide the necessary legal backing to the existing policy on Local Content and Local Participation in petroleum activities in the country.
A statement issued and signed by Mr Edward Bawa, Head of Communications, Ministry of Energy, said the purpose of the regulations, among other things, is to maximize value-addition and job creation.
This, it said, would be done through the use of local expertise, goods and services and financing in the petroleum industry value chain and retention of benefits within Ghana.
The statement said the development of local capability in all aspects of the petroleum value chain through education, skills and expertise development, transfer of technology and know-how as well as an active research would go a long way to enhance the country�s development.
It said the regulation also specified the minimum local employment and in-country spending in the petroleum industry within a decade of the start of the petroleum license and contract.
The statement said the new regulations provided capability and international competitiveness for domestic businesses.
It said the bill would seek to achieve and maintain a degree of influence or control by Ghanaians over development initiatives for local stakeholders.
Rigorous and transparent monitoring systems would also be put in place to ensure delivery of Ghanaian content policy objectives, it said.
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