Understanding local content policy in Guyana’s Oil & Gas sector a critical overview
Local Content ensures that extractive industries in host countries benefit their citizens. Companies engage in local content development to gain the support from the host government and social license to operate from local communities that enables adherence to the planned timeline for project approv...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2019
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/26210/1/EC%202019.pdf http://repo.uum.edu.my/26210/ |
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| Summary: | Local Content ensures that extractive industries in host countries benefit their citizens. Companies engage in local content development to gain the support from the host government and social license to operate from local communities that enables adherence to the planned timeline for project approvals; improve quality of supplies; reduce costs associated with delays in delivery; and reduce non-technical risk to the project. This
paper construes the Pertinence of Local Content in Oil and Gas Sector, and earnestly analyzes Challenges in its Development, Implementation, and Monitoring. The paper illustrates that effective design, development, implementation and monitoring of local content policy can lead to theamelioration of the structural effects of
Oil sector through: Increased value added; Increased employment generation; technology transfers, innovation, and social investments in capacity building and development of skills; Poverty Reduction; Enhanced entrepreneurial development; Improvements in local investment in the sector; and Increased contribution to GDP. The paper concludes that by creating ‘shared value’ Guyana can achieve its overall National Inclusive Economic Development and Green State Development Strategy Goals. |
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