“Government is developing strategies and regulations to ensure Kenyans benefit from local extractive industry across the entire value chain. We will also provide extensive capacity building program in place for several government ministries that will allow them to serve all stakeholders and perform their duties better.”
These are assurances that Deputy President William Ruto announced during the second edition of the Oil and Energy Services Local Content Convention (OESLCC) held in Nairobi this week. He also requested international oil Companies to consider raising capital in the local stock market to give Kenyans a real stake in the local oil, gas and mining sectors.
The regional oil and gas conference provided a platform for engagement between local private sector and international oil and gas sector participants. Its main goal is to devise a strategy for Kenya’s firms to benefit from the new emerging sector. The four day event presented an opportunity for local service companies to learn from larger oil field service firms as well as oil and gas companies from other countries.
“A key concern in the industry is lack of a clear law on how local companies can be included in the oil and gas supply chain. Therefore, there is need to strengthen conversations around local content between multinational oil and gas companies, local firms and the government,” remarked Oil and Energy Services, Chief Executive Officer, Mwendia Nyaga.
Kenya can largely gain a long term improvement if at all workforce development through employment and training of local people coupled with investment of suppliers. The oil and gas sector employ a relatively small number of skilled workers and tend to import majority of inputs. This leads to foreign individuals often being considered to undertake major development projects, which disadvantages the locals.