(Energy Chamber, 9.Sep.2020) — The Energy Chamber of Trinidad and Tobago announces the launch of its Local Content Management System. The launch of the system took place in a virtual event on 9 September 2020. In attendance were over 300 representatives from the Upstream, Downstream and Energy Service contractors and suppliers, from Trinidad & Tobago, the wider Caribbean and internationally.
The LCMS is the first of its kind in the region and it seeks to establish a robust framework to estimate the proportion of a dollar spent with a given company, that remains within the national economy.
The system has its genesis in the Local Content Charter which was signed by 23 operator companies at the Trinidad and Tobago Energy Conference 2017. The Charter committed operators to work toward improving Local Content in the supply chain. The development of the Local Content Management System provides a system for the measurement, monitoring and reporting of local content and capacity development performance across the energy sector. The system creates a common repository of local content performance that can be jointly used by all operators and the supply chain.
The LCMS also assists the signatories of the Local Content Charter to meet their commitments under the Local Content Charter.
The system encourages improved competitiveness among energy service companies by giving them insights into how they can increase their value, leading to improved local content and value retention.
The LCMS is championed by operators, in particular, bpTT, Shell, BHP Trinidad, EOG Resources, Atlantic and National Gas Company of Trinidad and Tobago Limited.
Senator the Honourable Franklin Khan, Minister of Energy and Energy Industries, in bringing the feature address at the launch, congratulated the Energy Chamber on this achievement on behalf of the Ministry of Energy and Energy Industries.
“This is an important step in the pursuit of local content and local participation by the key stakeholders in Trinidad and Tobago’s Energy Sector,” Khan said.
Minister Khan added that the LCMS, “Ensures that important elements of the operator’s activities and reporting follows the relevant regulations. The tool is a great starting point in addressing access to data as it relates to local content.”
The Energy Chamber reaffirms its commitment to local content development and seeks to ensure that the local energy sector remains viable and globally competitive. The Energy Chamber will work closely with industry, the Ministry of Energy and Energy Industries and other stakeholders in analyzing and disseminating the data collected by the Local Content Management System, to create a sustainable energy sector in Trinidad and Tobago.