Japanese company, MODEC, which provides solutions for the floating offshore oil and gas market, has announced that its Local Content Master Plan was approved by the Ministry of Natural Resources (MNR).
In a press release on Monday, MODEC says the approval of the plan for the period 2024-2028 represents an ‘important achievement, serving as a strategic roadmap for leveraging local resources, capabilities, and opportunities to drive sustainable economic development and prosperity for the country and people of Guyana.’
Rafael Fumis, Country Manager at MODEC in Guyana, said that the company is thrilled with the Ministry’s approval of the Master Plan.
“This milestone represents a significant step forward in our commitment to local capacity development. By fostering a collaborative approach toward local SMEs, we aim to create sustainable growth and opportunities within the community. This plan underscores our dedication to corporate social responsibility, ensuring that our operations contribute positively to Guyana’s socio-economic landscape”, Fumis said.
The Local Content Five Year Master Plan for MODEC in Guyana outlines how the company intends to prioritize Guyanese nationals and Guyanese companies in the procurement of goods and services, recruit a Guyanese workforce and provide opportunities for training and capacity development in compliance with the Local Content Act Nº. 18 of 2021, over the next five years. MODEC’s strategy, as detailed in the plan, is to maximize local content without compromising quality, compliance, and safety, while adhering to international standards and local legislations.
In its press release, MODEC describes itself as a leading provider of solutions for the floating offshore oil and gas market for over 50 years. Created in Japan, present on five continents, MODEC says it is always ready to face new challenges, offering advanced proven technology and talented teams that work with integrity, safety, and environmental responsibility.
MODEC is building what will be Guyana’s fifth Floating Production, Storage and Offloading (FPSO) platform, the Errea Wittu. MODEC has said it will be one of the most sustainable FPSOs in the world using an energy production system with a combined cycle turbine on board.
