TOTALTEC Inc. has successfully transitioned to becoming a 100% Guyanese-owned company. CEO Lars Mangal recently announced this significant development, detailing the Guyanese founder’s acquisition of the entire share capital of TOTALTEC from its international, angel investors in May. This milestone achievement has led to TOTALTEC aligning with the Guyana Local Content Act 2021 definition of a Guyanese company. Consequently, the Local Content Secretariat awarded a Local Content Certificate to TOTALTEC on June 30, 2023, thus enabling the company to enjoy the preferential treatment mandated by the Act.
The evolution of TOTALTEC, initially established as TOTALTEC Oilfield Services Limited (TOSL) in 2016, forms part of a strategic move to bolster capacity building within Guyana. By streamlining the energy and supporting services division of TOSL under TOTALTEC Inc., Guyanese entrepreneur Mangal has created a Guyanese company that will drive local growth in the energy sector through a range of services, products, and partnerships. This strategic shift creates a focused Guyanese entity, separating the diverse partnerships and investments of TOSL.
Update to Local Content Act could bring in US$350 million more annually – Dr. Pertab | OilNOW
The new organisational structure will centralise the service businesses under TOTALTEC, thereby enhancing operational efficiency, increasing synergies, and facilitating streamlined operations, a release noted. The company will offer an array of specialised solutions tailored to the specific needs of Guyana’s burgeoning energy sector. These solutions span infrastructure development, workforce management, supply chain logistics, training, specialised engineering, and consultancy services.
Reflecting on this transformative phase, Mangal showed enthusiasm for the company’s new trajectory that began in 2016, “Establishing TOTALTEC to consolidate our service businesses is a strategic move that aligns with our long-term growth strategy,” he stated. “We are committed to providing exceptional service, building capacity, promoting local content, and contributing to the sustainable development of the Guyana energy sector.”
Local Content proving itself as tool to combat Dutch Disease in Guyana | OilNOW
Mangal acknowledged the critical role of the Guyana Local Content Legislation in this strategic transition. “Having local content legislation categories updated and expanded annually drives the international companies to find local suppliers, seek partners, and be proactive in transferring scope to Guyana,” he explained.
As Guyana continues to cement its position as a global energy hotspot, the pace of development accelerates with every new significant project. With this strategic shift, TOTALTEC is well-placed to harness the growing opportunities within Guyana’s energy sector.
