Guyana’s Minister of Natural Resources Vickram Bharrat said on Tuesday that the recently appointed Local Content Advisory Panel has already commenced work and will soon be holding consultations and workshops with the relevant stakeholders.
He was at the time speaking on the occasion of the 18th offshore discovery by ExxonMobil at the 6.6 million-acre Stabroek Block offshore the South American country.
“The Government of Guyana is committed to ensuring that Guyanese benefit from this sector. This has been demonstrated by President Irfaan Ali’s appointment of the local content panel,” he said. “The panel has already commenced work in this regard and will soon be holding consultations and workshops with the relevant stakeholders with the intention of drafting a policy document and eventually the local content legislation framework.”
He noted that the significant discoveries being made in what is an emerging oil and gas sector will provide the necessary impetus to the government’s efforts to revitalize and recapitalize the traditional productive sectors so that Guyanese can progress which will contribute to wealth generation.
Mr. Bharrat has said the current local content policy is weighted towards investors and not the interest of Guyanese.
Guyana’s President, Dr. Mohamed Irfaan Ali, on August 27, announced key appointments to the Local Content Panel.
While acknowledging there is much to be done in terms of capacity building among local stakeholders, the President believes that with the right mix, which includes technology transfer and partnership between experienced companies and the local private sector, a sustainable and lucrative pathway can be achieved for Guyanese within the Local Content Policy.