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Understanding local content policy in Guyana’s Oil & Gas sector a critical overview


Baluch, Nazim Hussain and Rambarran, Richard (2019) Understanding local content policy in Guyana’s Oil & Gas sector a critical overview. In: University of Guyana: School of Entrepreneurship and Business Innovation Guyana Diaspora and Entrepreneurship Conference, July 21-25, 2019, Ramada Georgetown Princess Hotel. (Unpublished)

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Abstract

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.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Extractive Industries, Local Content, Oil & Gas, Technology Transfer, Shared Value
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: School of Technology Management & Logistics
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 25 Jul 2019 02:42
Last Modified: 25 Jul 2019 02:42
URI: http://repo.uum.edu.my/id/eprint/26210

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