The petroleum sector significantly influences the economic development of Ghana and Nigeria, being pivotal contributors to government revenue and foreign exchange earnings. This research conducts a thorough comparative analysis of the legal frameworks governing these sectors, focusing on Ghana's Petroleum (Exploration and Production) Act 2016 and Nigeria's Petroleum Industry Act 2021. The study delves into key aspects such as the definition of "local," legal framework and objectives, licensing and contracting, investor protection, fiscal regimes, and their implications for foreign investment and capacity building. The analysis aims to provide insights into whether Ghana should consider a substantial update of its current petroleum legislation and whether elements of Nigeria's recent legislation can serve as a model for this update.