The forthcoming Local Content Summit, slated for April 16, 2024, at the Pegasus Suites and Corporate Centre, is gearing up to be a watershed event in the discourse advancing Guyanese participation in the oil and gas sector.
Under the theme “Creating Value. Driving Economic Expansion“, the summit aims to examine the effectiveness of Local Content Legislation and its role in fostering economic growth across various sectors.
Organizers have unveiled an early look at the agenda:
- The first session of the summit, “Local Content for the Oil and Gas Sector as a driver of Economic Expansion”, will critically evaluate the Local Content Legislation’s success in meeting its objectives. Participants will delve into the legislation’s impact on economic growth and discuss the anticipated direction of microeconomic expansion in 2024, aligning with broader macroeconomic goals. The session will also address how initial challenges have been navigated and resolved.
- In the second session, “Role of Local Content in the Supply & Value Chain”, the discussion will pivot to the significance of Local Content in fulfilling the Supply and Value Chain requirements of the oil and gas industry. The session promises to shed light on noteworthy collaborations between foreign and local entities and identify gaps and opportunities for new partnerships, especially in light of recent discoveries and expansion plans in the sector.
- The third session, titled “TO JV OR NOT TO JV?”, will explore the legal and statutory landscape governing partnership opportunities. Panelists will examine the nuances of selecting and structuring collaborative ventures and discuss the due diligence required for such alliances.
- “REGULATORY & LEGISLATIVE UPDATES”, the fourth session, aims to update attendees on significant regulatory and legislative changes affecting local content and business advocacy. This session will cover anticipated legislative changes in 2024-2025, provide updates on Guyana’s Petroleum Resources Governance and Management Project, and share achievements and updates from the Local Content Secretariat.
- The summit’s fifth session, “BRIDGING THE CAPACITY GAP”, will compare progress in capacity-building initiatives, addressing enhancements in labor skills and local business capabilities. It will also spotlight plans for ensuring future readiness amidst the expected economic boom in various sectors.
- An all-day feature, “BUSINESS TESTIMONIALS”, will intersperse the sessions, where speakers share how the oil and gas sector has facilitated their business growth, elucidating on their journey to compliance and contract acquisition, and discussing strategic partnerships that have bolstered their market competitiveness.
- The summit will conclude with a Networking & Cocktail Session, offering a platform for attendees to forge connections and discuss the day’s insights and opportunities.
Some high-profile speakers at the summit are Guyana’s Minister of Natural Resources, Vickram Bharrat, Minister within the Ministry of Public Works, Deodat Indar and President of the Georgetown Chamber of Commerce and Industry, Kester Hutson. Director of the Local Content Secretariat, Dr. Martin Pertab will also be speaking as well as representatives from ExxonMobil, SBM Offshore Guyana, and others in the oil and gas sector.
