The House of Representatives has expressed concern over the slow pace of the implementation of the local content in the oil and gas industry leading to huge loss of revenue in the sector
This followed a motion sponsored by Hon. Kolade Victor Akinjo which was adopted during Thursday’s plenary. He observed that Indonesia, Venezuela, Kazakhstan, Angola and Brazil, through specific legislations have had local content successes, adding that in Brazil, the average local content commitments resulting from bid rounds has increased from 27% to over 84%, while the local content target in Angola has been met for unskilled workers and has been exceeded for midlevel staff, while in Malaysia, the utilization of the local content in upstream oil and gas projects is in excess of 54.15%.
According to him, the National Committee on Local Content Development proposed an initial target of 40% by 2005 and 60% by 2010 for aggregate local content value in the oil and gas industry from all the categories.
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