Download or read book Economic Development and the Utility of Local Content Legislation in the Oil and Gas Industry written by Felix Okpe and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic development is a major policy objective of the governments of developing countries that are rich in natural resources. Nigeria has promoted, through legislation, the concept of Nigerian content through domestic capacity building and preferential participation as a policy in its Oil and Gas Industry (OGI) to achieve the objective of economic development. The recent enactment of Nigeria's Local Content Act was inspired by considerations for economic development. This article analyzes the implications of this law based on the paradigm of international investment law. For this purpose, the context of international investment law is limited to the definition of "investment" and the international obligations of Nigeria within the framework of current and anticipated Bilateral Investment Treaties (BITs) and other investment related agreements with foreign investors. From this perspective, the analysis of this article shows that, in spite of the relative success of the Local Content Law, there are significant and fundamental conflicts with Nigeria's obligations under international investment law with respect to foreign investors operating in Nigeria's OGI. Foreign investment treatment standards applicable under international investment law are implicated in the application and administration of Nigeria's Local Content Law. Thus, this article proposes that Nigeria should review existing BITs and other investment agreements to accommodate the prescriptions of the Local Content Law to sustain the underpinnings of economic development inherent in the law. Otherwise, the existing conflicts present substantial grounds for foreign investment claims and liability against Nigeria by foreign investors in the context of investment treaty arbitration.
Download or read book Local Content Policies in the Oil and Gas Sector written by Silvana Tordo and published by World Bank Publications. This book was released on 2013-07-22 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of countries have recently discovered and are developing oil and gas reserves. Policy makers in such countries are anxious to obtain the greatest benefits for their economies from the extraction of these exhaustible resources by designing appropriate policies to achieve desired goals. One important theme of such policies is the so-called local content created by the sector—the extent to which the output of the extractive industry sector generates further benefits to the economy beyond the direct contribution of its value-added, through its links to other sectors. While local content policies have the potential to stimulate broad-based economic development, their application in petroleum-rich countries has achieved mixed results. This paper describes the policies and practices meant to foster the development of economic linkages from the petroleum sector, as adopted by a number of petroleum-producing countries both in and outside the Organisation for Economic Co-operation and Development. Examples of policy objectives, implementation tools, and reporting metrics are provided to derive lessons of wider applicability. The paper presents various conclusions for policy makers about the design of local content policies.
Download or read book Local Content Policies in the Oil and Gas Sector written by Silvana Tordo and published by World Bank Publications. This book was released on 2013-07-22 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of countries have recently discovered and are developing oil and gas reserves. Policy makers in such countries are anxious to obtain the greatest benefits for their economies from the extraction of these exhaustible resources by designing appropriate policies to achieve desired goals. One important theme of such policies is the so-called local content created by the sector—the extent to which the output of the extractive industry sector generates further benefits to the economy beyond the direct contribution of its value-added, through its links to other sectors. While local content policies have the potential to stimulate broad-based economic development, their application in petroleum-rich countries has achieved mixed results. This paper describes the policies and practices meant to foster the development of economic linkages from the petroleum sector, as adopted by a number of petroleum-producing countries both in and outside the Organisation for Economic Co-operation and Development. Examples of policy objectives, implementation tools, and reporting metrics are provided to derive lessons of wider applicability. The paper presents various conclusions for policy makers about the design of local content policies.
Download or read book Local Content and Sustainable Development in Global Energy Markets written by Damilola S. Olawuyi and published by Cambridge University Press. This book was released on 2021-03-04 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines critical links between local content requirements and the application of sustainable development treaties in global energy markets.
Download or read book Local Content Oil and Gas Law in Africa written by Pereowei Subai and published by Routledge. This book was released on 2019-01-10 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining local content law and policy in the oil and gas industry, this book uses Nigeria as a primary case study, comparing its approach to countries such as Brazil and Norway which have also adopted local content laws in relation to their gas and oil industries. In considering various aspects of local content law and policy as they apply to the oil and gas industry, the book examines the factors behind the formulation of local content policies by petroleum producing states, and the various strategies they have employed to implement them. It analyses arguments against local content requirements from the perspective of international trade and investment law, and from liberal market economic theorists, who argue against its overall usefulness. The book highlights salient aspects of the oil and gas industry such as regulation, national oil companies, treatment of minorities, and policy formulation and implementation.
Download or read book Local Content Requirements written by Gary Clyde Hufbauer and published by Peterson Institute for International Economics. This book was released on 2013-10-07 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the Great Recession of 2008–09, economists feared that protectionist policies might sweep the world economy, echoing the wave of tariff escalations during the Great Depression of the 1930s. To some surprise, officials were more restrained and largely avoided traditional forms of protection (tariffs and quotas), leading some observers to underestimate the incidence of new protectionism. In fact, policymakers increasingly turned to more opaque behind-the-border nontariff barriers (NTBs). Using a combination of statistical analysis and case studies, the authors show that local content requirements (LCRs), a form of NTB, have become increasingly popular. How much was global trade actually reduced on account of LCRs? A conservative estimate might be $93 billion. Case studies featured cover the healthcare sector in Brazil, wind turbines in Canada, the automobile industry in China, solar cells and modules in India, oil and gas in Nigeria, and “Buy American” restrictions on government procurement in the United States.
Download or read book Sovereign Wealth Funds Local Content Policies and CSR written by Eduardo G. Pereira and published by Springer Nature. This book was released on 2021-01-25 with total page 653 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores three particular strategies in the extractives sector for creating shared wealth, increased labour opportunities and positive social, environmental and economic outcomes from corporate projects, namely: state wealth funds (SWF), local content policies (LCP) and corporate social responsibility (CSR) practices. Collectively, the chapters explore the associated experiences and challenges in different parts of the world with the view to inform equitable and sustainable development for the communities living adjacent to extractives sites and the wider society and environment. Examples of LCPs, SWFs and CSR practices from 12 jurisdictions with diverse experiences offer usefull insights. The book illuminates challenges and opportunities for sustainable development outcomes of the extractives sector. It reflects the need to take on board the lessons of these global experiences in order to improve outcomes for poverty reduction, inequality reduction and sustainable development.
Download or read book Local Content Development as a Sustainable National Economic Strategy written by Ahmed Alhajri and published by . This book was released on 2021 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the pressures of global changes, productive approaches to use local resources present a pathway to sustain or improve living standards. One of these productive approaches is the Local Content Development (LCD) policy, which refers to government policy to promote local sustainable development. Local content development policy can enhance government processes, promote public-private partnerships, advance the business environment, and expand value creation. This dissertation addressed how Local Content Development is an opportunity for countries and organizations to adapt development to local conditions, assets, and talent. This study aimed to evaluate the factors associated with the implementation of local content policy in Oman. The study used the oil and gas industry in Oman as an example of a typical Local Content Development policy that exemplified implementation factors, while the tourism industry is a case study of a target industry to replicate LCD policy. Research questions were answered using evidence collected from open-ended surveys with Omani stakeholders in government and business. Thematic analysis was used to compare concepts derived from literature with data derived from the survey. The findings are based on the rich experiences of major companies and offer valuable input to inform policymaking for other sectors in the contexts of sustainable development. Findings show that the state role, leadership at all levels, stakeholder collaboration, governance and accountability, coherence with national policies, corporate communication, and local capabilities influenced implementation. The absence of these factors, however, hinders effective implementation. This research showed that oil and gas LCD policy experiences provided useful insights on collaborative policymaking and policy implementation processes. Implementation factors are interconnected and applicable to a variety of settings. Replication may not be a complex task but more about leadership and human and organizational behavioral change. In the tourism context, LCD adoption and implementation provide sustainable solutions to enhance how the tourism industry benefits from economic growth. LCD enabling factors appear to exist in the tourism sector based on findings of this research and Omani regulations of Integrated Tourism Complexes the "ITC law". The tourism industry needs leadership and champions to facilitate all other factors in a collaborative approach, as did oil and gas. More broadly, and taking into consideration implementation factors, companies can adopt and implement the Local Content Development framework to enhance their contribution to the local economy and towards the United Nations Sustainable Development Goals (SDG). Overall, this research showed the value of adoption and implementation of Local Content Development as a policy tool to enhance the private sector role to improve social and economic conditions. Local Content Development is an adaptable policy tool and it supports sustainable development principles that seek to improve people's lives, and that could be used for countries, provinces, cities, public, and private organizations, households, and individuals.
Download or read book The Implementation of Ghana s Local Content Regulations in the Upstream Sector written by and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "After the discovery of oil and gas in commercial quantities in Ghana in 2007, it was widely anticipated that the development of an oil and gas industry would be a source of accelerated economic growth, poverty reduction, and general prosperity to the citizens of Ghana...The quest to maximize benefits in the oil and gas industry made it imperative for government to develop the Local Content Policy Framework in 2010, to ensure that the oil and gas industry becomes a blessing to the people of Ghana."--page 1.
Download or read book Industrial Policy and the World Trade Organization written by Sherzod Shadikhodjaev and published by Cambridge University Press. This book was released on 2018-11-08 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlights what national governments should know to properly conduct their industrial policies under the multilateral trading system.
Download or read book National Oil Companies and Value Creation written by Silvana Tordo and published by World Bank Publications. This book was released on 2011-07-13 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: National Oil Companies (NOCs) directly or indirectly control the majority of oil and gas reserves. As such, they are of great consequence to their country's economy, to importing countries' energy security, and to the stability of oil and gas markets. The paper analyzes the available evidence on the objectives, governance and performance of 20 NOCs from both net importing and net exporting countries, and draws conclusions about the design of policies and measures that are more likely to lead to social value creation. NOCs differ from private companies on a number of very important variables, including the level of competition in the market in which they operate, their business profile along the sector value chain, and their degree of commercial orientation and internationalization. Most share some core characteristics: they are usually tied to the 'national purpose' and serve political and economic goals other than maximizing the firm's profits. This paper introduces a conceptual model to analyze value creation by NOCs that takes into consideration their complex objective function. Our analysis aims to answer the following questions: Are certain corporate governance arrangements more suited than others to promote value creation? Is good geology a pre-condition for NOC value creation? Are there benefits from exposing the NOC to competition from private oil companies? Does the development of forward and backward linkages hamper NOC value creation?
Download or read book Local Content in Procurement written by Michael Warner and published by Routledge. This book was released on 2017-09-08 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local Content in Procurement is the first book of its kind. Recognizing the substantial economic and social value brought to host countries and local communities through the procurement practices of large private and public companies, this book by Dr Michael Warner – Director of the consultancy firm Local Content Solutions and former architect of the Local Content standards for BG Group – provides a first-hand account of the Local Content regulations, strategies and procurement processes needed to realise these social benefits. Acknowledging that the employment and industrial benefits of large-scale procurement have been sorely overlooked, this book is both a how-to manual and a thoughtful insight into the challenge of creating sustainable jobs and competitive national industries through expenditure on bought-in goods and services. With literally trillions of dollars of goods and services being procured over the next ten years in exploring and developing for oil, gas and mineral resources across the globe, the book focuses on these sectors, yet also has wide application to the utilities, construction, infrastructure, manufacturing and defence sectors. Local Content in Procurement has been written for those working for the procurement, strategy and social responsibility departments of major private and public companies and international suppliers, for industrial and economic policy-makers and regulators of local content, and for all those involved in the management of procurement expenditure to develop national and local industries.
Download or read book Regulatory Reform in the Oil Industry written by United States. Congress. House. Committee on Government Reform and Oversight. Subcommittee on National Economic Growth, Natural Resources, and Regulatory Affairs and published by . This book was released on 1997 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Local Content and Procurement Requirements in Oil and Gas Contracts written by Damilola Sunday Olawuyi and published by . This book was released on 2017 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how local content and procurement requirements have evolved in the MENA region. It provides a comparative analysis and profile of LCRs in MENA countries, in order to determine prevailing preferences and legal risk points. It concludes with recommendations on how investors and national authorities can evolve collaborative and achievable LCRs that minimise disputes and legal risks.
Download or read book Local Content and Sustainable Development in Global Energy Markets written by Damilola S. Olawuyi and published by Cambridge University Press. This book was released on 2021-03-04 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local Content and Sustainable Development in Global Energy Markets analyses the topical and contentious issue of the critical intersections between local content requirements (LCRs) and the implementation of sustainable development treaties in global energy markets including Africa, Asia, Europe, North America, Latin America, South America, Australasia and the Middle East While LCRs generally aim to boost domestic value creation and economic growth, inappropriately designed LCRs could produce negative social, human rights and environmental outcomes, and a misalignment of a country's fiscal policies and global sustainable development goals. These unintended outcomes may ultimately serve as disincentive to foreign participation in a country's energy market. This book outlines the guiding principles of a sustainable and rights-based approach – focusing on transparency, accountability, gender justice and other human rights issues – to the design, application and implementation of LCRs in global energy markets to avoid misalignments.
Download or read book Petroleum Resource Management in Africa written by Theophilus Acheampong and published by Springer Nature. This book was released on 2022-05-03 with total page 661 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores Ghana’s newfound oil wealth and how the revenues it generates can be used to produce inclusive economic growth and development. Comparisons are made with neighboring countries, including Nigeria, Angola, and Equatorial Guinea, to highlight how petroleum resources can create jobs, increase research and development skills, and generate government revenue to invest in local services and infrastructure. The impact of global developments, such as the 2014-16 oil slump and innovation within the industry, are also covered. Petroleum Resource Management in Africa to provide policy suggestions and an operational framework for other petroleum producing countries. It will be of interest to academics and policymakers interested in resource and development economics.
Download or read book Nigerian Oil and Gas Industry Laws written by Kyuka Usman and published by African Books Collective. This book was released on 2017-09-29 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though predominantly on oil and gas law, this is nonetheless a veritable Reference Book on the oil and gas industry in Nigeria. It places before anyone interested in the oil and gas industry basic and critical oil and gas issues not in common circulation in existing texts on the subject. The book is arranged in such a chronological order, like reference books and dictionaries tend to be,that a lay person in going through it would now know how oil is explored and found,how oil fields may be onshore and offshore, how oil blocs are bidded for, how oil is drilled, including associated gas deposits, among others. The transportation of oil and gas, storage of oil and gas, refining of oil and processing of gas, marketing of oil and gas,the impact of oil and gas exploration, production and revenues on the Nigerian environment, politics and economy and a myriad of other issues are comprehensively covered. The book should prove most useful to the lawyer, petroleum geologist, petroleum engineer, policy makers, investors, local and international development agencies and bodies, lecturers and students specialising in wide ranging subjects as economics, development studies, engineering, management, public administration, insurance, marketing, accounting and finance.
