Critics proven wrong – Bharrat on tremendous gains Guyanese now enjoying – Local Content Law

Natural Resources Minister Vickram Bharrat has said that Guyana’s Local Content legislation has delivered measurable gains for citizens and businesses, reinforcing the Government’s decision to implement the framework in 2021. Speaking at the fifth Guyana Energy Conference and Supply Chain Expo (GECSCE) at the Guyana Marriott Hotel Georgetown, Bharrat addressed concerns raised during the passage of the law. He noted that critics had argued the legislation would deter investors and undermine the oil and gas industry. Despite those concerns, the Government proceeded with the policy. According to the Minister, the law was designed to ensure Guyanese nationals and companies benefit directly from the oil and gas sector. He said more than 1200 local businesses are now engaged in the industry. These include a consortium of over 17 catering companies supplying meals to offshore workers on floating production, storage and offloading (FPSO) vessels and drill ships. Bharrat also stated that Guyanese own three Shore Base companies that support offshore operations. In addition, he stated that nearly 7000 Guyanese have received training and are currently employed in the oil and gas sector.

The Minister attributed these outcomes to the local content legislation, describing it as a central factor in expanding participation and employment. He also referenced the recent opening of the Guyana Technical Training College (GTTC), which offers training and certification in areas related to deep-water drilling. Bharrat said the institution forms part of a broader effort to strengthen technical capacity and prepare Guyanese for specialised roles within the sector. The Minister emphasised that the Government aims to see nationals occupy technical and managerial positions, including petroleum engineering and reservoir engineering roles, rather than being limited to support functions. He said the objective is to ensure Guyanese are involved in all aspects of sector management. Bharrat also acknowledged the role of the Stabroek Block co-venturers, ExxonMobil, Hess Corporation, and CNOOC, in supporting local content development.
Meanwhile, Director of the Local Content Secretariat Michael Munroe said the legislation has generated more than US$2 billion in procurement opportunities for Guyanese companies. He made the disclosure during a panel discussion at the conference. Munroe said the Government is preparing amendments to the Local Content Act (LCA) to expand its scope. The current framework provides for Guyanese participation in 40 sectors. He indicated that at least 20 additional areas have been identified for possible inclusion in the First Schedule of the legislation.
He noted that industry stakeholders have expressed support for expanding the schedule, stating that local companies have demonstrated capacity in several additional service areas. Munroe said the planned amendments aim to strengthen the law’s impact while ensuring that its implementation supports operational efficiency for companies and enables supply chains to function effectively.