The Director for Economics and Local Content at the Petroleum Commission, Kwaku Boateng, says despite the slow growth of Ghana’s petroleum industry, there are still clear signs of
The report indicates that the Director for Economics and Local Content at the Petroleum Commission, Kwaku Boateng, says despite the slow growth of Ghana’s petroleum industry, there are still clear signs of progress in the capacity of indigenous Ghanaian support service providers.
It further notes that according to him, the growing capacity of indigenous Ghanaian companies to provide key services and manufacture essential industry components will help reduce petroleum production costs and increase benefits to Ghana.
In an address read on his behalf during the commissioning of the 7 Eleven Baseline Bolts and Nuts and ASAC Advanced Surface Coating Facility at Aboadze in the Western Region, Kwaku Boateng praised the growth of 7 Eleven, an indigenous Ghanaian firm, and the critical services it is providing to the petroleum industry.
“We are confident that the facility being commissioned today will, to a large extent, improve the already impressive services 7 Eleven is providing to the upstream petroleum industry in Ghana. 7 Eleven, which started less than a decade after the discovery of oil in commercial quantities, has grown into a diversified company with subsidiaries in materials and repairs, bolts, nuts and valves manufacturing, procurement, manpower, and human resource capacity building, not only in Ghana but across the sub-region.
“The remarkable growth of 7 Eleven is worth commending. This demonstrates that when given the opportunity, the right incentives, and a favourable playing field, Ghanaian businesses are capable of delivering quality services and remaining competitive. This facility reflects the gradual success we are achieving in local content development, as well as government’s commitment to ensuring in-country retention of the benefits of petroleum operations,” he said.
While commending 7 Eleven for its strides, Mr Boateng further emphasised the need to sustain growth among local support service providers and highlighted the role the Commission is playing in that regard.
“It is in this regard that the Commission is providing the needed support to Indigenous Ghanaian Companies (IGCs), such as 7 Eleven, to enable them to effectively deliver services at the required technical and HSE standards, on schedule, and with cost optimisation that meets industry expectations,” he added.
The Petroleum Commission’s Contract and Administration Manager, Priscilla Antwi-Bosiako, emphasised that the Commission shares 7 Eleven’s vision of developing the technical capacity of indigenous Ghanaian companies and maximising service delivery by local firms in the upstream oil and gas industry.
“One key objective of the Local Content LI is to retain value in-country. However, one of the challenges we have faced in the industry is the importation of goods, services, and materials mainly used in the oil and gas sector, which increases the cost of doing business. With this establishment to manufacture bolts and nuts locally, we believe much of the value will now be retained in-country, and we are proud that it is an indigenous Ghanaian firm that has established this facility. The Commission will continue to support it,” she said.
Chief Executive Officer of 7 Eleven Energy Services, Isaac Anochie, described the opening of the 7 Eleven Baseline Bolts and Nuts and ASAC Advanced Surface Coating subsidiaries as a major milestone for the company, Ghana’s petroleum support services industry, the manufacturing sector, and job creation efforts.
“This occasion is more than the opening of two facilities. It represents the beginning of new opportunities, new jobs, new partnerships, and a stronger industrial future for our nation.
“For many years, industries across construction, mining, oil and gas, manufacturing, energy, transportation, and infrastructure have relied heavily on imported fasteners and industrial coating solutions. Today, we are changing that narrative.
“Through this investment, we are establishing a cutting-edge manufacturing operation capable of producing high-quality bolts, nuts, fasteners, and advanced coated products that meet international standards while serving local and regional markets. Our vision is simple but ambitious: to build a modern industrial ecosystem driven by quality, innovation, reliability, and sustainability,” he said.
Mr Anochie further explained the significance of the products to be manufactured by the two facilities.
