Regulation 44. (1) An indigenous Ghanaian company shall be given first preference in the grant of apetroleum agreement or a licence with respect to petroleum activities subject to the fulfillment ofthe conditions specified in these Regulations. (2) There shall be at least a five percent equity participation of an indigenous Ghanaiancompany other than the Corporation to be qualified to enter into a petroleum agreement or apetroleum licence. (3) Despite subregulation (2), the Minister may vary the requirement specified in thatsubregulation, in circumstances where an indigenous Ghanaian company is unable to satisfy therequirement of the five percent equity participation.(4) For the purposes of subregulation (2), the Minister shall determine the personsqualified.(5) The interest of an indigenous Ghanaian company arising from a petroleum agreementor a petroleum licence is not transferable to a non-indigenous Ghanaian company.(6) A non-indigenous Ghanaian company which intends to provide goods or services toa contractor, a subcontractor, licensee, the Corporation or other allied entity within the countryshall incorporate a joint venture company with an indigenous Ghanaian company and afford thatindigenous Ghanaian company an equity participation of at least ten percent.(7) A contractor, subcontractor, licensee or other allied entity shall before thecommencement of petroleum activities submit a plan to the Commission specifying(a) the role and responsibilities of the indigenous Ghanaiancompany;(b) the equity participation of the indigenous Ghanaian company; and(c) the strategy for the transfer of technology and know-how to the indigenousGhanaian company.