According to Guyana’s 2024 mid-year report, procurement spending in the oil and gas sector totaled US$314 million. The report highlights growth in engineering and machining services, accommodation, equipment rental, and catering.
The hike is largely attributed to the increased activity from the third floating production storage and offloading (FPSO) vessel, which arrived in the country last year. The Prosperity FPSO, built for the Payara development, achieved its production target of 220,000 barrels per day (b/d) in January 2023, three months ahead of schedule.
Local procurement is also projected to reach US$550 million by year-end.
The Local Content Secretariat (LCS) has been streamlining plans to launch its local content app to better connect local companies with the oil and gas sector. This app is expected to complement the Local Content Registry, which tracks Guyanese seeking employment and local suppliers.
The LCS already has in place the Local Content Portal to help streamline opportunities.
It carries a similar interface to the Local Content Registry of local companies and allows for the publishing of RFI’s and Requestions For Quotations (RFQ) for a host of services relating to the sector. These include Administrative Support and Facilities Management Services, Catering Services, Construction Work for Buildings Onshore, Immigration Support Services, and Waste Management – Disposal and Waste Transport Services (Hazardous) among others.
Guyana’s Local Content Registry became operationalised in February last year. That portal compiles a list of suppliers from which goods and services may be procured, as required by Guyana’s Local Content Act. The First Schedule of the Act carves out 40 different services for Guyanese participation via the supply of goods and the provision of services which include: food supply, rental of office space, accommodation, insurance, accounting, and legal services.
