Guyana Monday announced that it had completed and published the local content policy for the oil and gas sector.
“It promotes education, inclusion, and advancement of Guyanese persons who demonstrate expertise and experience required to participate in the petroleum industry. It ensures the participation of Guyanese persons in employment opportunities. It ensures capable Guyanese suppliers of contracting and procurement opportunities within the petroleum sector, inside and outside of Guyana,” said the head of the Department of Energy, Dr, Mark Bynoe.
He told a told a news conference that the policy remains a fit for purpose document, which balances the alignment between the government’s policy goals while maintaining consistency with Guyana’s international and regional trade and economic cooperation obligations.
Bynoe said that there are several initiatives covered by the local content policy including several that offer advancement for nationals in the oil and gas sector, adding that the local content policy also promotes and ensures the stimulation of cost benefits for the oil and gas sector and enhances alignment with good industry standards in the petroleum sector.
The Energy Department has already started to work with the operators in the oil and gas sector to commence reporting on local content performance as it relates to the policy.
Bynoe said that there are more than 1900 nationals directly employed in the petroleum sector at the end of December last year and 75 per cent of that number represents persons in the skilled and professional categories.
Bynoe also disclosed that there are over 750 local vendors who are involved with the supply of goods and services to the companies in the oil and gas sector.
Last month, a vessel carrying Guyana’s first-ever shipment of crude set sail bound for the U.S. Gulf Coast, making Guyana the latest country to debut as an oil exporter.
Production in Guyana commenced on December 20, last year, less than five years after the first ever commercial discovery in the Caribbean Community (CARICOM) country at the 6.6 million acres Stabroek Block. Under existing arrangements, the US-based oil giant, ExxonMobil was entitled to the so-called first lift of oil.