(1) The object of the Common Qualification System is to serve as the sole system for the registration and pre-qualification of local content in the petroleum industry.

(2) For the purpose of sub-regulation (1), Common Qualification System shall be used for

(a) the verification of contractors' capacities and capabilities;

(b) the evaluation of application of local content submitted by a contractor, subcontractor, licensee or other allied entity;

(c) the tracking and monitoring of performance and provision of feedback; and

(d) Ranking and categorization of petroleum service companies based on capabilities and local content