Japanese company MODEC reported in a press statement today that it spent US$3.4 million procuring goods and services from Guyanese suppliers last year.
In addition to this expenditure, the company’s 2024 local content work included publishing 45 procurement opportunities, recruiting 18 Guyanese, and launching its onshore trainee and internship programs to develop local professionals.
MODEC also reported substantial investments in community initiatives focused on education, technology and the environment.
“These achievements reflect the significant efforts MODEC has made in advancing local content initiatives over the past year in Guyana and underscore the company’s ongoing commitment to fulfilling the requirements of the Local Content Act 2021,” the company said.
MODEC said it also received the 2024 Local Content Certificate of Compliance from the Local Content Secretariat and has been approved for its 2025 Local Content Annual Plan.
For 2025, the company said it will continue to recruit and train Guyanese nationals, invest in community development initiatives and offer more than 100 procurement opportunities to local suppliers, as part of its commitment to aligning with the Local Content Act.
MODEC has been hired by ExxonMobil to deliver the floating production, storage and offloading (FPSO) vessels for the Uaru and Hammerhead projects. Uaru was already sanctioned and is due to start oil production in 2026 at a rate of 250,000 barrels per day (b/d), while Hammerhead targets production of 150,000 b/d of oil by 2029, though it is not yet sanctioned. MODEC’s Hammerhead deal is a limited notice to proceed (LNTP).
