From the legal viewpoint, ‘local contents requirements’ policy in ‘offshore’ industry conducted by countries in Latin America is open to violate the ‘national treatment’ rule of GATT/WTO agreements. However, from the viewpoint of policy, ‘local contents requirements’, even today, has a useful meaning to countries, especially in Latin America for the following reasons. First of all, to cope with global economic crisis, the policy can be a effective way of enhancing economic policy autonomy. Second, the true ‘development’ target for the developing countries of the WTO agreements can be achieved by nurturing their strategic industries through local contents policy. Third, ‘local contents’ policy can be one of the useful ways to eradicate idealogical controversy of ‘Resource Nationalism’ and ‘Resource Colonialism’ surrounding exploration & production of oil and gas in Latin American region. Private companies, which are willing to advance into offshore industry in Latin America, should well know about ongoing local contents policy. The better way to take advantages of the policy is to build up cooperative network with the local companies and to invest in R&D and infrastructure on a mid-long term basis.