Guyanese regulators have approved MODEC’s Local Content Master Plan 2024-2028.
The plan outlines MODEC’s push to integrate Guyanese companies and nationals into its operations for a five-year period. Procurement opportunities for Guyanese companies are already being unveiled, with about 32 announced in August 2024 for rollout through January 2025.
The company said in a November 4 release that the plan will drive sustainable economic development and prosperity in Guyana.
Rafael Fumis, MODEC’s Country Manager in Guyana said, “This milestone represents a significant step forward in our commitment to local capacity development. By fostering a collaborative approach toward local [small and medium-sized enterprises], we aim to create sustainable growth and opportunities within the community. This plan underscores our dedication to corporate social responsibility, ensuring that our operations contribute positively to Guyana’s socio-economic landscape.”
MODEC seeking ‘frog basket’ suppliers for Guyana FPSO
The Local Content Master Plan developed by MODEC has received approval from the Local Content Secretariat, an agency under the Ministry of Natural Resources. This agency was established through the Local Content Act, a 2021 legislation that mandates companies in the oil and gas sector to ensure substantial benefits for Guyanese nationals and businesses.
According to MODEC, the plan promotes the recruitment of a local workforce and prioritizes Guyanese suppliers for goods and services procurement, all in alignment with the Local Content Act’s requirements. The company highlighted that its strategy is to achieve high levels of local content while maintaining compliance with international standards, ensuring quality, safety, and adherence to regulatory standards.
Errea Wittu FPSO hull block completed 40 days ahead of schedule – MODEC
With more than five decades of experience in delivering floating solutions for the offshore oil and gas market globally, MODEC is now applying its expertise in Guyana, where it entered the market by securing a contract to provide a floating production storage and offloading (FPSO) vessel for ExxonMobil’s sixth oil development project, Uaru. This project is scheduled to come online in 2026/2027, with the FPSO capable of producing 250,000 barrels of oil per day (b/d). This addition is projected to elevate Guyana’s oil production capacity to approximately 1.15 million b/d once operational.
