Guyana intends to continue refining its legal, fiscal and regulatory framework for the energy sector, according to Director of the Local Content Secretariat Michael Munroe.
Speaking at the August 11 launch of the Guyana Energy Conference and Supply Chain Expo 2027 in Georgetown, Munroe said the global energy landscape is not static and Guyana’s policy approach cannot afford to be either.
“We want to ensure that we’re dynamic, we’re able to respond to the ever-evolving challenges” affecting the global industry, Munroe said.
He said this requires the government to remain agile in its policy responses and make adjustments as issues emerge.
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“We will continue to refine our legal, fiscal, and regulatory framework,” Munroe said, adding that the objective is to ensure Guyana remains attractive, predictable and fair to international stakeholders and local partners.
Guyana has made several changes to the governance framework for its petroleum industry since oil production began in December 2019. These include the Petroleum Activities Act 2023 and the Local Content Act 2021, which established requirements aimed at increasing Guyanese participation in the petroleum value chain.
The Local Content Secretariat is responsible for implementing the local content framework, including overseeing local content plans and the certification of Guyanese companies.
Munroe said Guyana’s approach must balance the interests of investors with the country’s development objectives.
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Earlier in his address, he said Guyana welcomes international capital, expertise and partnerships, but expects participation in the petroleum industry to produce benefits for Guyanese as well.
He said the country wants an investment environment with rules that are predictable, fair and reliable.
Munroe listed an evolving and competitive framework as one of four areas the government will continue to prioritise. The other three areas are fiscal responsibility, disciplined diversification, and environmental and social accountability, which Munroe said would guide the government’s approach in managing its natural resource wealth.
