1,200 local businesses now participating in oil sector as nearly 7,000 Guyanese trained – Bharrat

More than 1,200 local businesses are now participating in Guyana’s oil and gas sector, while nearly 7,000 Guyanese have been trained and are currently employed in the industry, Minister of Natural Resources Vickram Bharrat announced on Tuesday.

Bharrat said these achievements reflect the strong impact of Guyana’s Local Content legislation, which he described as a major success since its introduction in 2021.

Speaking during his presentation at the fifth Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel in Georgetown, the minister said the government’s decision to push forward with the Local Content Act has been fully vindicated, despite early criticism.

“There were many who were saying that this bill was going to push investors out of the country, that it is going to kill the oil and gas industry in Guyana. But we forged ahead,” Bharrat told the audience.

The minister explained that the law was designed to ensure Guyanese nationals and businesses benefit meaningfully from the oil and gas sector, rather than being sidelined.

He highlighted that among the local companies now involved is a consortium of more than 17 catering companies supplying meals to offshore workers on FPSOs and drillships. Bharrat also noted that Guyanese nationals own three shore base companies, demonstrating growing local ownership in key oil sector services.

“All of this occurred as a result of that legislation being in place,” he said.

Bharrat also pointed to ongoing efforts to expand Guyana’s local capacity, including the recent opening of the Guyana Technical Training College, which will offer training and certification in deepwater drilling.

He stressed that Guyana’s goal is not only to increase employment numbers but to place Guyanese in technical and leadership roles in the industry.

“We want Guyanese to be petroleum engineers, reservoir engineers, to be involved in the technical aspect of managing the sector,” Bharrat said.

He also praised Stabroek Block co-venturers ExxonMobil, Hess and CNOOC for supporting the local content process.

Meanwhile, Director of the Local Content Secretariat Michael Munroe said the legislation has already created over US$2 billion in procurement opportunities for Guyanese businesses. Munroe added that the figure is expected to increase with upcoming amendments to the Act, which will expand the list of sectors guaranteed for Guyanese participation.

He said at least 20 additional areas have already been identified for expansion.

“We hope to amend the Local Content Act to make it more impactful and ensure its implementation supports operational efficiencies for companies, allowing their supply chains to thrive,” Munroe said.

[Extracted and modified from DPI]