What is local content in the oil and gas industry?
Local content is the development of local skills, oil and gas technology transfer, and use of local manpower and local manufacturing. For a more practical definition, one could say that local content is building a workforce that is skilled and building a competitive supplier base (Oil and Gas, 2010).
When was local content introduced in Nigeria?
1971
The local content policy action started in 1971 through the establishment of the Nigerian National Oil Corporation, (NOC). NOC was established as a vehicle for the promotion of Nigeria’s indigenization policy in the petroleum sector.
What means local content?
Local content is the value that an extraction project brings to the local, regional or national economy beyond the resource revenues. The value brought to the local, regional or national economy from an extraction project is referred to as the local content.
What is a local content plan?
The local content plan (LCPlan) is a forecast of procurement and employment opportunities. It identifies specific actions and strategies that suppliers / contractors will implement to support Arrow’s local content requirements.
What is meant by local content?
What is local content?
Why local content is important?
“Local content… can help search engines contextualize your website’s niche to its local service.” Your local content tells people and search engines what your business, product, or service is all about in layman’s terms. Which is what most small businesses are already doing, right?
Why do you need local content?
They are rules that a company must derive a certain amount of the final value of a good or service from domestic firms, either by purchasing from local companies or by manufacturing or developing the good or service locally. Governments use LCRs in an attempt to protect and develop domestic industries.
Why is there an oil and gas conference in Nigeria?
The Nigeria Oil and Gas Conference & Exhibition (NOG 2021) provides a platform for the international energy industry to meet with Nigerian oil and gas decision makers to hear policy announcements, explore partnership opportunities and discuss the strategies that will drive the nation towards energy sufficiency.
When did Nigeria pass the local content act?
However, the aim to increase Nigerians participation in the Oil and Gas industry led to the enactment of the Nigerian Oil and Gas Industry Content Development (NOGIC) Act (hereinafter referred to as ‘Local Content Act’ or ‘the Act’), which received Presidential assent in April 2010.
What is local content in oil and gas industry?
Local Content has been described as the development of local skills, oil and gas technology transfer, and use of local manpower and local manufacturing. The dawn of the local content policy arose as a result of the realization that the multinational or international companies had significant dominance in the petroleum sector.
What is the objective of the local content act?
The objective of the Local Content Act as stated in Sections 3, 7 and 11 of the Local Content Act is to promote the use of local materials and services for the development of the Oil and Gas Industry.