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Suriname puts strict Local Content requirements on all oil companies

Jan 20, 2020 News

– as Guyana struggles to draft its own policy

No stone is left unturned when it comes to Suriname securing maximum benefits for its people.
According to the Production Sharing Agreements (PSAs) the Dutch speaking country has with oil companies, there are strict Local Content rules which have to be followed. These rules ensure companies have no room to escape their responsibility of using to the greatest extent, local goods, products and services as part of its operations.
According to the country’s PSAs, companies are required to provide a report demonstrating the evolution of local content involvement in its Petroleum Operations and a plan of action to increase the level of local content. They also have to submit a list of local purchases on a quarterly basis.
Also, a list of the number of Contractors’ and Sub-Contractors’ local hires and associated titles must be submitted in quarterly reports.
In addition, companies are required to use their best efforts to train locals with respect to its Petroleum Operations, including technical, administrative, executive and management positions.
These rigid rules are not only absent from Guyana’s Production Sharing Agreement with ExxonMobil, but also the draft Local Content policy that was finalized by UK Consultant, Dr. Michael Warner.
The government for the last four years has promised the nation that this document would be in place for first oil which officially started on December 20, 2019.
Up to the time of publication, the policy was not released to the public and the Energy Department is yet to provide an explanation for its failed promise in this regard.

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