Nicholas Deygoo-Boyer, Director of Vreed-en-Hoop Shorebase Inc. (VEHSI), says amendments to Guyana’s Local Content Act cannot be overlooked and are critical as more local businesses expand into offshore oil and gas services.
He made the comments on the Starting Point podcast, aired March 22, highlighting opportunities for Guyanese companies in the marine, construction, and drilling support sectors.
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Deygoo-Boyer said that the Act, enacted in 2021, initially focused on protecting about 40 service areas for local investment.
He emphasized that the evolving offshore sector now presents broader opportunities. “Well, we started with 40, let’s say, types of services. But we’re hoping to grow that because those services were started mainly around what you would consider logistics type operations.”
He added that now they want to go even further, “We see the ability to supply more in the marine sector, as well as services in and around maybe the construction or drilling.”
He highlighted a growing number of local businesses forming partnerships outside the originally prescribed sectors. “These are companies who, when they scan the law, will see the law is now not providing for that particular service, but yet still these companies are interested in local partnerships,” he explained.
Deygoo-Boyer said updating the Local Content Act to reflect these developments will strengthen opportunities for Guyanese businesses to fully participate in the country’s growing oil and gas economy.
Guyana’s Local Content Secretariat has already submitted proposed amendments to the Act to the Minister of Natural Resources for consideration by Cabinet. The local private sector took part in the consultations, which identified additional areas where Guyanese businesses could increase their participation across the oil and gas value chain.
