Guyana well positioned to tackle local content in some unique ways – WoodMac analyst

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Guyana’s efforts to date in promoting local content development in its oil and gas sector earned commendation from industry experts at the Guyana Energy Conference and Supply Chain Expo.

Mark Oberstoetter, Head of Upstream Americas (non-L48) Research at Wood Mackenzie lauded the government for effectively capitalizing on the resources and opportunities stemming from the sector. During a panel discussion on day one of the conference, Oberstoetter noted the significance of 6,000 Guyanese being actively employed within the industry.

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The panel, focused on ‘Shaping the Future of Energy: Trends and Challenges,’ explored measures to ensure the incorporation of Guyanese nationals in oil and gas development. Oberstoetter emphasized the importance of a creative approach to educate the population about available opportunities and create employment.

“I’m excited to watch Guyana because I think they are well positioned to tackle [local content] in some unique ways that we have never seen before,” he stated. Oberstoetter praised Guyana’s educated population and transparent data sharing, enabling a fruitful economy with a heightened awareness of participation opportunities.

Guyana’s Local Content Act, a key legislative tool, has facilitated the employment of Guyanese nationals in the industry, with 40 specified areas in the services sector mandating local procurement by oil and gas companies and their subcontractors. To further strengthen local content policies, a series of amendments to the legislation have been planned.

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Carlos Sarmiento, Director of Diversity and Inclusion at SLB, echoed the positive sentiment, commending Guyana’s development matrix. Sarmiento highlighted the policy’s focus on energy affordability, connections, and creating opportunities for various industries.

Guyana’s development blueprint includes a functional network linking both the oil and non-oil sectors for holistic economic growth. The country is also committed to integrating renewable and clean energy into its development matrix, aligning with the Low Carbon Development Strategy 2030.

The panel discussion, moderated by Wazim Mowla, also featured insights from Theodore Kahn, Director, Control Risks, and Pepe Zhang, Senior Fellow, Adrienne Arsht Latin America Centre.

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