Local content must focus on long term development

Dec 13, 2018 Letters

Dear Editor,

“My personal view is that we have started the discussion on local content from, perhaps, the wrong perspective.” This is the view of Nigel Hughes, Director of the Guyana Oil and Gas Association (GOGA), which he shared last Saturday at the Shipping Association of Guyana’s 8th annual dinner and gala event.
Mr. Hughes couldn’t be more correct. We have been blessed with a very rare opportunity, but if we do not begin implementing forward-looking growth and development strategies, we will never be able to reap the full benefit of our oil and gas development.
As we debate how best to craft local content regulations, we need to ensure that these policies are focused on long-term economic development. As Mr. Hughes stated, “We should look at getting our possible contributions in the oil and gas industry as efficient and competitive as possible so that we create a world-class industry for the provision of goods and services in the oil and gas industry.”
We will all benefit far more if we view local content through this lens, instead of just how much is guaranteed and reserved for locals right now. This process begins with Guyanese businesses and entrepreneurs.
For instance, Georgetown-based Action COACH Guyana has been active in establishing links with foreign businesses and markets. The company is part of the Aberdeen-Guyana Gateway, and recently entered into a joint Venture with a Canadian firm to capitalise on our oil discoveries.
Another Guyanese business looking towards the future is Guysons Oil and Gas Services. In October, the Georgetown-based oil and gas services provider became the first local company to become ISO certified. ISO certification signals to the global oil and gas industry that this is a company you can trust.
As Guyana’s oil and gas industry grows, these kinds of certifications will become increasingly important for Guyanese businesses. Guysons Oil and Gas Services has established itself as a leader in the field, which will lead to enormous opportunities for growth both here as well as around the world.
Mr. Hughes confidently declared last Saturday that Guyana could become a First World destination in less than 12 years. However, this is conditional on us instituting local content policies that promote Guyana’s transformation into a preferred destination for investment.

Patrick Davis

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