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Guyana passes landmark local content bill

OilNOW -
Guyana’s long awaited local content legislation will soon be a reality after the landmark Local Content Bill 21 of 2021 was passed today in the National Assembly. The landmark bill paves the way for local companies and citizens to participate...
News

Oil operators, sub-contractors will get one-year grace period to comply with Local Content Law – AG

OilNOW -
Once the Local Content Bill 2021 becomes law, international oil companies and their subcontractors will have a one-year grace period to get their proverbial house in order and be fully compliant with the legislation says Attorney General of Guyana...
News

Local content targets can be adjusted if we overestimate or shortchange ourselves – Nandlall

OilNOW -
Guyana’s Local Content Bill 2021 proposes a schedule of 40 categories of work which include minimum targets to be achieved by oil companies and their subcontractors. In the event it is observed that the targets overestimate or shortchange participating...
News

Local Content Bill closes loopholes for favouritism, monopolies – Guyana Attorney General

OilNOW -
In an effort to ensure there is a level playing field for all companies participating in the trillion-dollar oil sector, Guyana’s Local Content Bill 2021, proposes several mechanisms to banish opportunities for favouritism and the creation of monopolies. This...
Opinions

Guyana’s Local Content Policy and the complete education of all Guyanese children

OilNOW -
By Dr. Lorraine Sobers Guyana’s oil production is set to ramp up rapidly in the next 5 years, but this is just the beginning. By early 2022, production will reach 340,000 barrels of oil per day (bopd) with the arrival...
News

Local content bill realistic, achievable and dynamic – Gossai Jr.

OilNOW -
Senior Petroleum Coordinator at Guyana’s Ministry of Natural Resources, Bobby Gossai Jr., says the Local Content Bill 2021 laid in Parliament last week is a dynamic document that will be continuously updated as the oil and gas industry evolves in...
News

Business groups applaud Guyana government for landmark local content bill

OilNOW -
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...
News

Local Content Bill proposes GY$50 million penalty for companies’ failure to meet minimum targets

OilNOW -
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...
News

Proposed local content targets adjusted as landmark bill laid in Parliament

OilNOW -
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...
News

Local Content Bill closes door to imposters/schemers with clear definition for “Guyanese company”

OilNOW -
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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Nigeria’s Petroleum Commission confirms ExxonMobil’s US$1.5B investment in the country’s deepwater oil sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that ExxonMobil will invest $1.5 billion in Nigeria’s deepwater oil...

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