Resource-rich regions usually expect and strive for local economies to benefit from oil, gas and mineral projects. Unfortunately, that is not always the case. These regions do not always know how to take advantage of extractive activities to create sustainable economic development, be it creating jobs and developing local businesses or building skills and improving technologies. Local content is the processes of building such economic capital at the national and subnational level, and meeting set public policy objectives. National and regional governments need to consider a broader range of fiscal and economic policy issues to fully embrace the opportunities the oil, gas and mining sectors can offer. When considering these options, governments sometimes make trade-offs to maximize the benefits for their countries. Trade-offs made during negotiations between companies and governments may include the level and type of tax concessions offered to companies, the level of royalties companies need to pay, and targets such as the level of local content and social investment commitments sought. These trade-offs are typically specific to project, country and, in some cases, region. Governments also consider how the money flows from the national to the subnational level and the role different levels of government play in securing local benefits. Ultimately, the driver of policy choices is a country’s unique and complex web of social, economic and political issues.