The Government of Guyana is stepping up efforts to strengthen the local content framework in the oil and gas sector, according to the Ministry of Natural Resources.
At the recently concluded Local Content Summit, Minister of Natural Resources, Vickram Bharrat, announced a new three-week target for the issuance of Local Content Certificates.
“If your ducks are lined up, then I don’t think it should take more than three weeks to receive your certificate,” Bharrat stated.
The Ministry said the commitment responds to calls from local businesses for faster approval to access the expanding petroleum supply chain.
Since the passage of the Local Content Act in December 2021, 1,250 Guyanese companies have registered, collectively securing over US$1.5 billion in business.
The Ministry noted that the certification process had faced challenges due to fraudulent applications and loophole exploitation.
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“Unfortunately, the process slowed down a little bit because we had some issues where we had to deal with individuals trying to front for companies or forge documents,” Bharrat said.
He added, “Too many people are looking for a loophole or a crack in the system… Even though the application process was seamless, the team at the [Local Content] Secretariat did a lot of work to ensure that this process was so.”
The Ministry said the three-week timeline will apply to applicants who submit complete and verifiable documentation.
The Local Content Act was passed in Parliament in December 2021 with the intent of regulating the activities in the emerging oil and gas sector in a manner that drives Guyana’s economic growth and development.
The country is also poised to set up a local content fund – as announced by Guyana’s President Irfaan Ali in 2023 – to help emerging businesses in the oil and gas sector.
