Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith defended Guyana’s Local Content legislation during the Offshore Technology Conference’s Around the World Panel Series in Houston on Tuesday, telling investors the policy is intended to ensure Guyanese businesses and citizens benefit from the country’s oil boom.
Speaking to an audience of investors and energy executives, Smith said Guyana’s rapid oil sector expansion has created opportunities for local companies, particularly micro, small and medium-sized enterprises, many of which are still building capacity and experience.
“Allow us with that local content legislation,” Smith said. “You want to be part of a story in another 50 years to say, ‘You know what? I was part of that local content legislation developing a country like Guyana.’”
Guyana’s Local Content Act was passed in 2021 to increase participation by Guyanese-owned companies and citizens in the oil and gas industry. The legislation sets targets for local hiring and procurement across several categories of goods and services linked to petroleum operations.
Smith argued that the policy is necessary for a country with a population of under one million people that only recently entered the oil-producing club.
She told investors the legislation should not be viewed as a barrier to foreign participation, noting that Guyana still needs international expertise, partnerships and investment to continue expanding its economy.
“We want the capacity from you. We want the experience,” Smith said in her presentation while encouraging foreign companies to partner with Guyanese businesses.
Smith also pointed to Guyana’s broader investment framework, including the Investment Act and Companies Act, which allow for joint ventures, branch offices and other forms of foreign investment.
“We are looking for joint ventures. We want to take them back,” she said.
The GCCI President said the chamber was involved in discussions surrounding the development of the Local Content policy and continues to support it.
“GCCI was on the table when the policy was being developed for local content legislation,” Smith said. “We advocated for it, and we will continue to support the local content legislation.”
Guyana’s oil production currently exceeds 900,000 barrels per day through four ExxonMobil-operated projects in the Stabroek Block offshore Guyana. Additional developments are expected to push production above one million barrels per day later this year.
