Last week’s column had indicated that, starting today, I would seek to draw lessons arising from global experiences with national local content requirement (LCR) regimes, which are aimed at maximizing economic benefits derived from the creation of export-oriented oil and gas extraction industries, based on significant domestic resource finds. I shall further indicate these experiences are very varied and derived from a wide range of both developed and developing economies. Of significance also, these experiences have been growing at a significant rate since the early 2000s.
The Organization for Economic Cooperation and Development (OECD) in a recent Trade Policy Note has revealed that, commencing with the financial crisis of 2008 and up to February last year (2016), as many as 140 LCRs regimes have …to continue reading this article, please subscribe. Already a subscriber ? Sign In.