- with readers working within the Oil & Gas industries
- within Compliance, Tax and Insurance topic(s)
Introduction
Technology transfer is the sharing or disseminating of knowledge, skills, methods, technologies, equipment, intellectual property or innovations from one entity (often a foreign company, university or research institution) to another (often a local company, country, or individual) enabling the recipient to use, adapt, and apply it independently to foster innovation, economic development and improved capabilities. Technology transfer embedded in the Nigerian Oil and Gas Industry Content Development Act, 2010 (the "Act") is an instrument towards Nigeria's local content aspirations of building indigenous technical capacity, reducing reliance on foreign expertise, and fostering sustainable industrial growth in the oil and gas industry. The expectation is that International Oil Companies ("IOCs") operating assets, alongside international oilfield service providers (together "International Companies") operating in Nigeria not only operate or provide services but also transfer the knowledge, skills, processes, and equipment necessary for indigenous companies to independently execute operations in the oil and gas industry.
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