More than 1,300 Guyanese companies have been approved and registered under the Local Content Act, according to Director of the Local Content Secretariat, Dr. Martin Pertab.
In an interview with OilNOW, Dr. Pertab disclosed that the Secretariat has registered 1,315 local companies.
The Secretariat, established following the passage of the Local Content Act in 2021, has been steadily expanding its registry as more businesses move to formalise their participation in the oil and gas supply chain.
The legislation sets forth 40 sectors and sub-sectors for Guyanese businesses. Foreign investors seeking to operate within these areas can partner with Guyanese companies, which must have at least 51% Guyanese beneficial ownership in the joint venture, among other critical factors, to benefit from a mandatory preference in the procurement of goods and services by companies in the sector.
Verified Guyanese companies receive a Local Content Certificate from the Local Content Secretariat, which in turn allows them to access procurement opportunities and compete for contracts in various sectors, including maritime services, catering, and technical support.
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Dr. Pertab explained that the registration is not just about numbers, but about creating sustainable growth for local businesses. As such, the secretariat has been working closely with prime contractors to ensure that local companies can effectively integrate into the supply chain.
Key success stories include local catering companies forming consortia to provide offshore services, medical firms partnering with international companies, and real estate businesses experiencing significant expansion.
Dr. Pertab also credited the recently launched Local Content App with boosting access to opportunities.
“The app has been very useful. We receive a lot of local companies. All opportunities that exist in the industry are on the app. You also have job opportunities there as well, and companies are complying,” he explained.
He noted that the platform’s user-friendly design has helped local businesses secure contracts.
“A lot of locals would reach out to us and say they’ve managed to get into the system, providing more services because of the user-friendliness of the local content app,” he said.
In 2024, the Local Content Secretariat facilitated approximately US$743 million in spending on services, employment and capacity development, sourced from Guyanese businesses and workers.
Of this amount, an estimated US$612 million was tied to 40 service areas. Key expenditures included US$92 million on construction, US$88 million on lay-down yard facilities, US$34 million on accommodations, US$26 million on catering, and significant spending on ground transportation.
Since the enactment of the Local Content Act in 2021, the total procurement of goods and services from Guyanese companies and nationals has surpassed US$1.5 billion.
Guyana’s Local Content Act has facilitated the employment of Guyanese nationals in the industry, with 40 specified areas in the service sector mandating local procurement by oil and gas companies and their subcontractors.
To further strengthen local content policies, a series of amendments to the legislation have been planned.
