Guyanese businesses seeking to enter the oil and gas supply chain do not need decades of industry experience to compete, but they must demonstrate that they have the systems, compliance standards, and business discipline required to work with international companies, according to Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith.
Speaking on the Energy Perspectives podcast on July 16, Smith said many local businesses underestimate their ability to participate in the sector because they believe they lack sufficient experience.
However, she noted that Guyana’s oil and gas industry itself is relatively young, with many companies supporting offshore operations having been established within the last decade.
“So I want them to get that out of their mind that they are too small or they don’t have the years of experience. What these international investors are looking for is credible businesses,” Smith said.
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According to Smith, credibility comes from having proper business systems in place, including organized financial records, compliant employment practices, and procedures that allow companies to operate transparently.
For businesses providing specialized goods and services, certifications may be required depending on the type of work being offered. Smith also emphasized the importance of ensuring employees are properly registered, wages are managed through formal payroll systems, and statutory obligations are maintained.
“There is a structure. There is a system…They [international investors] want to see your employees being registered at the GRA [Guyana Revenue Authority] level. They’re being registered at the NIS [National Insurance Scheme] level, and you are remitting that money to both organizations,” the GCCI President lamented.
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With four floating production, storage and offloading (FPSO) vessels now operating offshore Guyana and additional developments progressing toward production, demand continues to grow for local services supporting logistics, maintenance, construction, transportation, waste management, and other areas of the energy supply chain.
While international partners may provide additional resources, technical expertise, and financing, Smith concluded by encouraging local companies to focus on building trust with potential partners, financial institutions, and customers.
