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Business groups applaud Guyana government for landmark local content bill

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The Georgetown Chamber of Commerce and Industry (GCCI) and the Guyana Oil and Gas Energy Chamber (GOGEC) have welcomed Guyana’s hallmark Local Content Bill which was tabled in the National Assembly on Thursday. The GCCI, in a statement, reinforced that...
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Maersk Invincible sets new speed record for development well drilled by a jack-up

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On 2 December 2021, Maersk Invincible completed a record-breaking operation for Aker BP on the Hod B field as the rig set a new speed record for development wells drilled by a jack-up on the Norwegian Continental Shelf. Maersk...
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Local Content Bill proposes GY$50 million penalty for companies’ failure to meet minimum targets

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Guyana’s historic Local Content Bill 2021 has outlined several penalties for persons who are found to be in breach of its provisions. The Bill notes that a person who carries out petroleum operations without the minimum local content requirement...
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Proposed local content targets adjusted as landmark bill laid in Parliament

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The Government of Guyana is proposing to have local companies and citizens participate in no less than 40 critical areas in the oil sector as opposed to the previously recommended 153 categories. In the Local Content Bill 2021 that was...
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Local Content Bill closes door to imposters/schemers with clear definition for “Guyanese company”

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Guyana’s Local Content Bill 2021 which was tabled in the National Assembly on Thursday has offered several protective measures that close the door to imposters or schemers seeking to amass fast wealth in the sector. One of those measures...
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Kawa-1 well costs to climb by US$45M as drilling time takes longer than projected

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Canadian joint venture partners in two offshore Guyana blocks, CGX Energy Inc. and Frontera Energy Corporation, disclosed this week that while work is progressing on the Kawa-1 exploration well in the Corentyne Block, it is unfortunately taking longer than...
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New wealth fund bill seeking to establish 9-member committee, down from 22

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Guyana’s Finance Minister, Dr. Ashni Singh tabled the Natural Resource Fund Bill 2021 in Parliament on Thursday morning, seeking to bring a more practical governance mechanism for the management of the country’s petroleum revenues, especially where it concerns rules...
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Guyana proposes creation of Local Content Register of qualified persons, companies to keep corruption at bay

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Due to the billions of dollars at stake in the procurement of oil and gas contracts, the PPP/C Government is proposing to have a Local Content Register of qualified nationals and companies so as to keep schemers of the...
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Builder of Guyana FPSOs celebrates five years in new oil province

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SBM Offshore, the builder and operator of floating production storage and offloading (FPSO) units operating offshore Guyana, on Wednesday celebrated five years of operations in the new oil producing South American country. The auspicious occasion was marked with the...
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Simpler withdrawal rules to be put in place for Guyana’s wealth fund – Finance Minister

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The Guyana government will table a Bill in the National Assembly today for the amendment of its Natural Resource Fund to provide simple rules to govern withdrawals. The government has said the current rules as too complex. In criticising the...
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Guyana launches Global Student Exchange with EU & UG on health, oil and gas, engineering sectors

The European Chamber of Commerce Guyana (ECCG), in partnership with the European Union and the University of Guyana (UG),...

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