Businessman and former Georgetown Chamber of Commerce and Industry (GCCI) President Timothy Tucker is warning that Guyanese businesses risk missing opportunities in the oil and gas sector if they fail to properly research the industry and make use of the support systems already available.
In the latest edition of the Starting Point podcast released on July 5, Tucker said breaking into the sector requires a deliberate understanding of its technical requirements rather than simply seeking work on offshore facilities.
“The oil and gas industry is demanding international standards. So it’s forcing the local manufacturers to raise their game to international standards, not to export, but to compete in the local market…We have to understand the oil and gas industry, what is required, what their needs are, and really analyze that,” he said.
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Tucker explained that the petroleum industry has historically operated with strict technical and safety standards, making preparation essential for businesses seeking to participate.
He said many entrepreneurs overlook the broad range of services required to support offshore operations, focusing instead on direct employment aboard rigs and production vessels.
“All those rigs, FPSOs [floating production, storage and offloading vessels], and support vessels need things. The entire industry needs stuff. They need support. Everything they do has to be precise, has to be calibrated, has to be tested, and so there’s a whole host of services. And it’s a simple search,” Tucker said.
He urged businesses to use the Local Content Secretariat’s online portal, the Centre for Local Business Development (CLBD), training institutions and industry events to identify market gaps and build competitive offerings.
According to Tucker, those resources provide valuable insight into the products and services operators require and can help companies develop realistic entry strategies.
“So you really have to do your research and understand that there’s plenty of [opportunities]. Unlike 2017 and 2018, there’s a lot more support now. There’s a Center of Local Business Development. There are other institutes that are in Georgetown that can help you. There’s a whole newly built training institute in Berbice… So it’s information gathering, and then a plan, and then present yourself,” Tucker explained.
