PSC commends ExxonMobil’s local investment, calls for closing loopholes in law

The Private Sector Commission (PSC) has welcomed recent statements by Natural Resources Minister Vickram Bharrat, on the success of Guyana’s Local Content Act (LCA) and the Government’s commitment to continued stakeholder engagement in its development. Bharrat’s comments were supported by new figures from ExxonMobil Guyana, which reported a record $87 billion spent with 1,800 local vendors during the first half of 2025. Since 2015, ExxonMobil’s total expenditure with Guyanese businesses has surpassed $600 billion, reflecting the capacity of local companies to meet the growing demands of the oil and gas sector.
The PSC also noted ExxonMobil’s commencement of in-country fabrication services at the Vreed-en-Hoop Shore Base Inc. (VEHSI), which it said marked an important step in expanding Guyana’s industrial capabilities. In addition, ExxonMobil reported that 70 per cent of its workforce in Guyana now comprises nationals—over 6,200 people, including 1,800 offshore workers—with women making up one in three employees. The workforce has also benefitted from more than 370,000 hours of training in technical, professional, and safety disciplines.
The PSC said it is working with the Local Content Secretariat to expand the first schedule of the legislation, identifying new services and areas for Guyanese businesses to participate. The Commission added that while the LCA has achieved significant results, the expansion of skills, services and investments by Guyanese companies provides a solid foundation for further updates to the law.
The PSC emphasised the need for amendments to close existing loopholes, broaden opportunities and ensure that Guyanese nationals and enterprises continue to benefit more fully from the country’s resource wealth. It reaffirmed its readiness to work with the Ministry of Natural Resources, ExxonMobil Guyana, and other stakeholders to strengthen Guyana’s local content framework.