The Ministry of the Presidency yesterday released its long-awaited local content policy which mandates the submission of an annual plan by oil and gas operators which among other things would describe programmes of support and development for Guyanese suppliers.
Coming weeks after the lifting of first oil and without a legislative framework underpinning it, the Guyana Government has faced strong criticism for the sloth in activating and enforcing the policy. A large number of foreign companies – particularly from Trinidad and Tobago – have established themselves in the oil and gas sector without having to be compliant with a local content policy.
Dated January 2020, the policy defines local content as the “active participation and development of Guyanese labour and suppliers in the petroleum sector and the benefits that arise from expenditure in the sector on labour, goods and services for Guyanese industry, the economy and wider society”.