글로벌 석유 및 가스 산업에서의 현지생산규정(LCR) : EPC 시공사의 영향 및 대응방안 연구

Abstract

Policy makers in oil and gas resource holders are striving to maximize local benefits for their economy by designing a new form of protectionist trade policy, namely, Local Content Requirements (LCRs). The goal of the LCR is to achieve job creation, develop local businesses, build skills, and to improve technologies. LCRs typically require by the hosting country a certain percentage of intermediate goods used in the production processes in oil and gas projects to be sourced from domestic manufacturers. Korean offshore EPC contractors need to understand the recent changes strictly require LCRs on their EPC contracts through the owner’s concession agreement in order to fully embrace the upcoming opportunities in the oil and gas sectors. The main purpose of this thesis is to suggest a strategic direction for interactions with LCRs in global oil and gas projects. This thesis takes the Korean EPC contractors’ perspective with reference to the offshore industry. Most-earlier studies have highlighted focal points such as Local Content Policies making. Few papers discussed the impacts on EPC contractors and local content strategies. Even some issues are rather vague, it seems that there is not a clear dialogue with reference to Local Content (LC) in literature domestically and globally. The author conducted interviews and asked people in charge of LC from three major Korean offshore EPC companies and foreign expatriate project managers from oil majors to share their experiences.

When considering these, the thesis defines LC and briefly illustrates recent trends including ‘Package deals’ before the main subject. In order of concrete deliverables, this study needs to offer a broader range of analysis regarding LCRs. Firstly, it serves to introduce the topic through analyzing and comparing LCRs of some resource holders. Comparisons are made between countries such as Nigeria, Angola, Brazil and Australia and few other nations. In addition, the thesis analyzes LC strategies from International Oil Companies (IOCs) and major equipment’s companies in oil and gas industry. Next, this study offer analysis correspondences strategy for LCRs from Korean offshore EPC contractors – HHI, DSME, SHI with three major offshore projects which contains LCRs. Illustrations are provided from USAN FPSO, Ichthys CPF and EGINA FPSO projects. It aims to find common denominators among EPC main contractors and differences between IOCs and EPC contractors in terms of correspondences strategy for LCRs. Deriving LC strategy for Korean offshore EPC contractors is a challenging task, mainly due early stage of LC implementation yet. Through an adaptation of the tool, called ‘Strategic Analysis’, this study provides a basis for strategic direction of LCRs that adjusts to Critical Success Factor (CSF) and Key Performance Indicator (KPI). Recommended three core components of LC Strategy for Korean offshore EPC contractor are: (1) risk management in the selection of overseas investments, (2) improving capabilities of local labor, and (3) stabilizing supply and demand in procurement. Finally, this study suggests the internal capabilities of organizations in EPC contractor to implement these LCR strategies As limitation, this thesis will not provide guideline of the LC strategy for offshore equipment manufacturers or onshore EPC contractors yet, but still will provide basic information about LCRs to participate projects with LCRs in some degree.