Local Content and Local Participation
The Government has explored several strategies for promoting local content and local participation. In this regard, a major initiative has been the establishment of the Permanent Committee on Local Content, which has developed a National Policy on Local Content and Local Participation.
The policy aims at the participation of locally owned enterprises in the entire value chain of the energy sector and the building of local capability and capacity. Towards this end, education has been identified as key to the building of national and industry capacity. In this context, the University of Trinidad and Tobago (UTT) was established to provide expertise to meet the technological manpower needs of the industrial sector and the energy sector.
In promoting local content and local participation, major achievements have occurred, such as the development of facilities for the fabrication of offshore platforms. The area of fabrication has gained prominence at the national level with the establishment of the La Brea Industrial Development Company (Labidco), which is a multi-purpose industrial estate and fabrication yard. To date, five offshore platforms are completed and construction on two more is due to finish this year. More adequate provisions to foster local content development have also been included in the Production Sharing Contracts.
The pursuit of local content initiatives will maximise the levels of in country expenditure and activity, facilitate the development of competitive and sustainable local energy companies and lead to the maximisation of wealth creation, capture and distribution.