Minister of Natural Resources Vickram Bharrat on Wednesday approved the Local Content Master Plans of 11 companies providing services to Guyana’s petroleum sector.
In a statement, the Ministry of Natural Resources said the the companies whose plans were approved were Cataleya Energy Limited; Guyana Shore Base Incorporated (GYSBI); Inter-national SOS Incorporated; Leader Engineering Guyana Incorporated; Stena Drilling; Sustainable Environmental Solutions; Tenaris Guyana; G-Boats; Weatherford; TechnipFMC; and Seacor Marine LLC.
It explained that the five-year master plan is intended to provide the minister and the secretariat with an understanding of the contractor’s, sub-contractor’s or licensee’s projected activities with regards to employment, procurement and capacity development of suppliers. The master plans, which also include an amendment which would see that Guyanese suppliers of the nation’s petroleum sector are paid within thirty (30) to forty-five (45) days upon receipt of the correct invoice, are also enforceable as per the Local Content Act.