Environmental, Social, and Governance (ESG) requirements have become increasingly important in various industries, including the upstream petroleum sector. International oil companies and service companies are placing greater emphasis on sustainable and responsible business practices through procurement and tendering processes. Indigenous Ghanaian Companies (IGCs) participating in the upstream petroleum sector are also influenced by these evolving ESG considerations. Already, IGCs are under pressure to meet international and industry standards to make them competitive in the industry.
This session will focus on the impact of ESG requirements on tendering and procurement processes and its limitation on IGC participation in the industry and explore strategies for IGCs to comply with various requirements of IOCs.