Social Benefits
The term ‘social development’ describes company activities that provide the local community with opportunities to develop. While some activities may be part of the company’s core business, others may be additional activities that enhance the company’s reputation and its relationship with the community.
Local content
The term ‘local content’ describes the range of benefits the oil and gas industry can bring to the areas where it operates. Companies can provide measurable benefits by:
· Employing and training local people
· Buying supplies and services locally
· Supporting community development work
Local content is the added value brought to a host nation (national, regional and local areas in that country, including communities) through the activities of the oil and gas industry. This may be measured (by project, affiliate, and/or country aggregate) and undertaken through activities such as but not limited to:
· Workforce development (international oil companies/national oil companies, contractors/sub-contractors):
· Employment of national, regional & local workforce
· Training of national, regional & local workforce
· Investments in supplier development (all oil and gas goods and services, including engineering and fabrication yards):
· Developing supplies and services locally
· Acquiring supplies and services locally
· Community development
Social investment programs
Social investment programs are the voluntary contributions companies make to the communities and societies where they operate. These programs typically donate or develop skills and resources to local communities and local or national institutions.
Many companies have implemented social and community investment programs in areas where they operate, with the aim of establishing and maintaining good relationships with local, regional and national stakeholders, and to enhance the company’s social impact on its host society.
Local content
The term ‘local content’ describes the range of benefits the oil and gas industry can bring to the areas where it operates. Companies can provide measurable benefits by:
· Employing and training local people
· Buying supplies and services locally
· Supporting community development work
Local content is the added value brought to a host nation (national, regional and local areas in that country, including communities) through the activities of the oil and gas industry. This may be measured (by project, affiliate, and/or country aggregate) and undertaken through activities such as but not limited to:
· Workforce development (international oil companies/national oil companies, contractors/sub-contractors):
· Employment of national, regional & local workforce
· Training of national, regional & local workforce
· Investments in supplier development (all oil and gas goods and services, including engineering and fabrication yards):
· Developing supplies and services locally
· Acquiring supplies and services locally
· Community development
Social investment programs
Social investment programs are the voluntary contributions companies make to the communities and societies where they operate. These programs typically donate or develop skills and resources to local communities and local or national institutions.
Many companies have implemented social and community investment programs in areas where they operate, with the aim of establishing and maintaining good relationships with local, regional and national stakeholders, and to enhance the company’s social impact on its host society.