After four years of waiting, Guyana is finally armed with a Local Content Policy which will seek to ensure local businesses are able to have equal access to opportunities in the petroleum industry. The policy is also expected to pave the way for progressive training of citizens as well as the transfer of technology.
Speaking on the release of the document at a press conference today, Energy Department Head, Dr. Mark Bynoe said that Guyanese stakeholders can expect to have the policy for perusal within a week’s time.
Dr. Bynoe was keen to note that the policy is fit-for-purpose as it offers a balanced alignment between the Government of Guyana policy goals whilst maintaining consistency with Guyana’s international and regional trade and economic cooperation obligations. The Energy Department Head also said that the policy promotes education, inclusion, and advancement of Guyanese who demonstrate expertise and experience required to participate in the petroleum industry, and ensures participation of Guyanese in employment opportunities; assures capable Guyanese suppliers of procurement opportunities.
The Department Head also pointed out that the policy will stimulate efficiency and cost benefits to the oil and gas sector by potentially increasing supplier response speeds, reducing spare parts and inventory stock in-country, and reducing operation and maintenance costs.