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                <text>The study sought to present an assessment of the concept of local content in Ghana’s upstream oil and gas sector. It employed the mixed method Research Approach using both semi-structured interviews and questionnaires to collect data with study population being actors in the upstream oil and gas industry in Ghana.&#13;
The mixed method was used with questionnaire and interview used to collect data. The purposive sampling was applied. to select 25 employees and 5 experts in the oil and gas industry.&#13;
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                <text>The upstream oil sector the major source of government revenue for natural resource rich countries. Though the sector is a highly lucrative one, which plays a key role in the growth and development of a country, the sector is a highly capital intensive one. Thus, most developing countries are unable to raise the required investments to develop these resources. These developing must thus engage International Oil Companies (IOCs) in developing the resource. Existing literature suggests that most fiscal systems/ regimes do not enhance state’s take in the agreements drawn because they are liberal to encourage the FOCs/IOCs to invest their scarce but huge capital in this capital-intensive activity.&#13;
The study reviewed theories concepts and findings from prior studies in the subject area. Prior studies revealed that Ghana has employed a hybrid fiscal regime comprising of product sharing and a concessionary system to regulate petroleum projects. Key instruments adopted in Ghana’s fiscal regime include royalties, carried interest, additional oil entitlements and corporate income tax. The study further reviewed petroleum regulations governing petroleum activities in the country.&#13;
The study delves into the methods and instruments used in analyzing the data gathered for the study. Financial models including the Net Present Value method, payback period, internal rate of return and return of investments were used in assessing the efficiency of Ghana’s fiscal regime. The study revealed the weakness of Ghana’s fiscal regime in yielding optimum returns from the nations’ oil resource. The analysis of Net Present Value and the Internal Rate of Return of cashflows for a ten year period (from 2008 to 2017) from the jubilee field generated according to the terms of Ghana’s fiscal regime, was the least when compared to the Net Present Value and the Internal Rate of Return, when the terms of fiscal regimes of Equatorial Guinea, Norway and Nigeria. The Payback period for Ghana’s fiscal regime was found to be among the regimes with the lengthiest payback countries among the selected fiscal regimes. The results reveal that Ghana is realizing only a small portion of its potential revenue from oil production.&#13;
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