PSC applauds success of Local Content Act as ExxonMobil reports $87B in local spending and 70% Guyanese workforce

The Private Sector Commission (PSC) has welcomed recent remarks by Minister of Natural Resources, Vickram Bharrat, celebrating the success of Guyana’s Local Content Act and reaffirming the government’s commitment to continuous stakeholder engagement in its development.

Minister Bharrat’s recognition of the Act’s transformative impact comes as ExxonMobil Guyana reported record spending of G$87 billion with 1,800 local vendors in the first half of 2025 alone. Since 2015, ExxonMobil’s total expenditure with Guyanese businesses has surpassed G$600 billion, underscoring the growing strength of the Act and the ability of local firms to expand their capacity to meet the needs of the oil and gas sector.

The PSC highlighted ExxonMobil’s milestone achievement of commencing in-country fabrication services at the Vreed-en-Hoop Shore Base Inc. (VEHSI). This step, the Commission noted, represents a significant advance in building Guyana’s industrial base and deepening local participation in oil and gas development.

Commending the positive workforce impact, the PSC pointed to ExxonMobil’s record of 70% Guyanese staff—over 6,200 nationals—now employed across its operations. This includes 1,800 offshore workers, with one in every three employees being women. More than 370,000 hours of training in technical, professional, and safety disciplines have been delivered, equipping Guyanese workers with the skills needed to thrive in the sector.

The PSC reaffirmed its commitment to collaborating with the Local Content Secretariat to expand the first schedule of the legislation. By identifying new services and sectors where local businesses can participate, the Commission aims to ensure that an even greater share of benefits from the oil and gas industry is retained in Guyana.

While acknowledging the Act’s achievements, the PSC stressed the importance of continuous improvement. It said that the expanded skills, services, and investments of Guyanese companies now provide a strong basis for updating the legislation to close loopholes, widen opportunities, and strengthen local participation.

The Commission pledged its readiness to partner with the Ministry of Natural Resources, ExxonMobil Guyana, and other stakeholders in advancing the local content framework.

“The successes of the Act so far have been significant, but we must continue to build on them,” the PSC said, underscoring its commitment to ensuring that Guyanese nationals and enterprises capture increasing value from the country’s resource wealth for the benefit of all citizens.