The Ministry of Natural Resources (MNR) said on Tuesday that it has concluded a series of strategic engagements with various stakeholders in Guyana on the revised draft Local Content Policy (LCP).
MNR said this policy initiative responds to commitments made by President Mohammed Irfaan Ali for Guyanese to play a greater role in the advancement of the petroleum sector which will allow for more benefits to be received by the people.
“The revised policy document seeks to put into context the current and evolving state of Guyana’s oil and gas sector and to enable an improved level of local business participation through value-addition, access to opportunities and capacity building within the energy sector for Guyanese,” MNR said.
The sequence of consultations occurred from March 3 to March 25 with over 180 public and private sector agencies and firms who are involved either directly or indirectly in the growth and development of Guyana’s hydrocarbons sector. These included (1) the oil and gas industry such as the operators, subcontractors and local suppliers, (2) workforce enhancement such as education agencies, labour union and regulatory bodies, Tertiary, Professional and Technical & Vocational Education and Training (TVET) providers (3) manufacturing and fabrication services (4) business development and support, (5) financial services (bank and non-banking), (6) audit and accounting, (7) shipping, warehousing and onshore services (8) hospitality (9) housing and infrastructure, (10) regional and international trade (11) other economic sectors such as tourism and agriculture, (12) special and vulnerable groups such as women and indigenous people (13) environmental and civil defence, and (14) legal services. The meetings were held through both virtual and physical formats, where written feedback was encouraged.
MNR said the general focus of the stakeholders’ response to the draft document focused primarily on the state of the current capacity of Guyanese (businesses and skills) and expectations for better participation and benefits from the sector. It also dealt with the identification of opportunities that exist for Guyanese to participate in the industry and the need for transformation in key related sectors such as education and finance to support business enhancement that will cater for the needs of the growing petroleum economy.
MNR said it is also encouraging all interested stakeholders on the draft Local Content Policy to submit their comments and feedback by Wednesday, March 31.
“All contributions received are taken under constructive consideration for the preparation of the next phase of the work on the policy,” the ministry said. “Stakeholders will be reengaged on completion of the policy to ensure that the final document is aligned to our national objectives of local participation, benefits, enhancing business growth, increased revenue-generating systems and local ownership along the value-chain of the oil and gas sector.”
