Local Content in Guyana has been performing stellarly, according to new data released by the Local Content Secretariat (LCS).
Director, Dr. Martin Pertab announced on August 10 that as of June 30, 2023, Guyana has managed to retain US$313 million in Local Content spend.
The figure relates to the 40 areas outlined in the First Schedule of Guyana’s Local Content Act and according to Dr. Pertab “is above” projections of the value capture in the corresponding half year of 2022.
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Employment in the sector has hiked 6.5%, according to Dr. Pertab, to 3,348, compared to June 2022.
“This has to do with the open-door policy, interacting with tier-1 contractors, contractors licencees etc.. to ensure that Guyanese are prioritised through powerful partnerships,” he reported.
The Secretariat has targeted the approval of 750 critical Local Content Certificates for this year alone.
The First Schedule of Guyana’s Local Content Act is also up for review this year, eventually leading to a revision of the 40 areas that Guyanese can have preference, in the oil sector. The new services are being examined and could potentially rake in an additional US$350 million annually for the Guyanese private sector.
Pertab had told OilNOW that having a Local Content Certificate not only demonstrates to regulators that you are a legitimate Guyanese company or joint venture in the oil and gas supply chain but also puts you in an advantageous position during the evaluation process for contracts.
