More than 40 companies operating in Guyana’s oil and gas sector received approval for their 2026 local content plans on Wednesday at Roraima Duke Lodge, Kingston, Georgetown.
The Ministry of Natural Resources handed over the approvals during a ceremony for companies required to comply with Guyana’s Local Content Act. The companies include ExxonMobil Guyana Limited, MODEC Guyana Inc., CNOOC Petroleum Guyana Limited, Guyana Deep Water Operations Inc. (SBM Offshore), and SLB.
The annual plans outline how contractors and subcontractors will meet their local content obligations for the calendar year. They cover procurement, employment, and capacity development.
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Minister of Natural Resources Vickram Bharrat said the ceremony was held to bring the companies together and reinforce the purpose of the approval process.
Under the Local Content Act, annual plans must be submitted to the Minister for approval no later than 30 days after the start of each calendar year. The Local Content Secretariat reviews the submissions to ensure they comply with the law. Companies can respond to observations from the Secretariat and resubmit their plans during the review process.
The approved plans now have to be implemented by the companies. Their progress will be monitored through subsequent reporting, including half-year reports.
Bharrat said the legislation was created to ensure Guyanese workers and businesses are directly involved in the oil and gas sector, rather than remain on the sidelines while the industry expands.
“That was the true intention of the local content legislation. Nothing else,” he said. “There was nothing else behind it, other than to get Guyanese and Guyanese businesses involved in the oil and gas sector.”
The Local Content Act was passed in December 2021 and implemented in 2022. Since then, Guyana has recorded growth in local suppliers and direct employment in oil and gas.
Bharrat said almost 7,000 Guyanese now work directly in the sector. He also pointed to the growth of about 2,000 local suppliers.
“That is the result…we were looking for when we passed this bill in December of 2021,” Bharrat said.
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Bharrat said the approval of the 2026 plans is part of the continued push to retain more value in Guyana through employment, procurement, and capacity development. He said the sector has made progress, but the framework still has room for improvement.
