Guyana will be undertaking a review of its local capacity in support of oil and gas operations by the end of 2022 to determine whether the 40 schedules outlined in the Local Content Policy need to be adjusted.
“This will provide guidance on how we move forward with the schedule – whether we are going to increase the targets or add additional services,” the Minister of Natural Resources, Vickram Bharrat said at a recently held workshop for local oil contractors operating in the South American country.
The review will be done at the end of each year, Bharrat noted, to ensure that Guyana’s capacity to service the oil and gas sector continues to grow.
Guyana’s Local Content Policy outlined 40 areas with accompanying targets that ensure local businesses can participate and share the spoils of the country’s oil wealth.
The First Schedule of the Act carves out 40 different services for Guyanese participation via the supply of goods and the provision of services which include: food supply, rental of office space, accommodation, insurance, accounting and legal services.
The Natural Resources Minister reminded that Guyana’s Local Content Policy was created to ensure that Guyanese benefit from the oil and gas sector and not serve as a disincentive to foreign investors.
“That was the only intention, and it will remain so,” he added.
And to ensure that investors can establish a footing in Guyana with ease, the Minister said that the government is working to develop the single window system, one that allows persons to access most of the services needed to facilitate their business in one place.
The Local Content Act was assented to by President Mohamed Irfaan Ali in December last.