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Local Content Policy completed; to be released this week
Energy Department Director, Dr. Mark Bynoe, revealed yesterday that the long-awaited Local Content Policy has been completed and printed. The Director said that during the course of the week, this crucial document will be available for the public to access.
Guyana’s Local Content Policy has been completed
Speaking at his first press conference for the year at the Ministry of the Presidency, Dr. Bynoe said that the policy, which ensures local goods and services are given first preference; Guyanese are trained for jobs in the sector; and relevant technologies are transferred, is fit-for-purpose.
Expounding further, the Director said the policy offers a balanced alignment between the Government’s policy goals, while maintaining consistency with Guyana’s international and regional trade and economic cooperation obligations.
Further to this, the Energy Department Head said that the policy promotes education, inclusion and advancement of Guyanese persons who demonstrate expertise and experience required to participate in the petroleum industry; ensures participation of Guyanese persons in employment opportunities; assures capable Guyanese suppliers of contracting and procurement opportunities within the petroleum sector, inside and outside of Guyana; and localizes supply chains in procurement of goods and services that support the petroleum industry by providing opportunities for Guyanese persons and suppliers.
Dr. Bynoe was also keen to note that the policy will stimulate efficiency and cost benefits to the oil and gas sector by potentially increasing supplier response speeds and reducing operation and maintenance costs. The policy is also expected to enhance alignment with good industry standards in the petroleum sector, and drive local competitiveness through increasing the range and scale of employment and supplier opportunities.
In addition to the foregoing, Dr. Bynoe noted that the policy will contribute to efficiency and reduced costs for investors, while developing the export potential of local suppliers.
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