Audun Martinsen, Head of Supply Chain Research at Rystad Energy, predicts heightened reliance on local content requirements within the oil and gas sector amidst mounting supply chain concerns for 2024. Martinsen highlighted the increasing focus on re-shoring services and the surge in local content demands amid the sector’s significant investment cycle.
The surge in local content requirements comes at a crucial time, coinciding with the biggest investment cycle in the industry since 2010-2013. This trend, according to Martinsen, indicates potential bottlenecks in offshore supply chains, particularly impacting sectors like rigging, vessels, subsea operations, and floating production, storage, and offloading (FPSO) systems. Onshore oilfield services are also expected to witness sustained high activity.
Guyana’s Local Content Act, enacted to maximize the involvement of local businesses and workers in the country’s burgeoning oil sector, has significantly……..