Introduction
Today’s column continues the effort to provide for readers’ guidance a response to the burning question: What are the lessons to be learned from oil and gas producing countries that have implemented policies/regimes for local content requirements (LCRs)? As previously indicated, such countries are many, and, unsurprisingly, their experiences are varied.
Beyond question, LCRs in the oil and gas sector have been used as a tool for promoting broad-based economic growth, economic diversification, employment creation, skills enhancement, and structural transformation for more than four decades now; following the spectacular North Sea oil discoveries in the early 1970s.