Director of the Local Content Secretariat, Michael Munroe, said Guyana is positioned for a new wave of opportunities as more oil and gas projects move toward development, expanding the scope of local participation across the petroleum value chain.
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Speaking today at the fourth annual Local Content Summit at Four Points by Sheraton, Munroe pointed to the scale of activity already in the sector and what lies ahead.
“You’ve heard, specifically, about the benefits that have redounded to the local economy… you’ve also heard about the opportunities that take this relative to the next five years in terms of the FPSOs coming on stream and the opportunity that relates to gas. All of this opportunity means that there is a local content obligation that will stem therefrom, and that only means that there is more scope for unlocking opportunities through collaboration,” Munroe said.
Munroe stressed that collaboration between local firms and international operators will be central to capturing these opportunities, particularly as projects become larger and more complex.
He noted that engagement between government, operators, and the private sector has improved to cater for this, and improve access to opportunities.
“There is real strength in collaboration; through partnerships, we can further deepen local content implementation… So, in terms of next steps and us going forward, we are actively engaged in considering how we retain more value in the country,” he said.
The Local Content Summit runs from June 2–3 under the theme “From Policy to Prosperity. Unlocking Opportunities Through Collaboration.”
Guyana passed its Local Content Act in December 2021 to expand participation by local workers and businesses in the oil and gas sector through hiring and procurement requirements linked to offshore operations.
The government has already reviewed amendments to the Act as more local firms enter oil and gas services, to strengthen opportunities across the value chain. The Local Content Secretariat has submitted proposed changes to the Minister of Natural Resources for Cabinet consideration following consultations with the private sector.
