Latest update December 25th, 2024 1:10 AM
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Govt. orders oil companies to pay Guyanese within 30 to 45 days – Oil Series Pt. 5
Kaieteur News – Guyana’s Local Content Secretariat has now mandated all oil companies to pay Guyanese within 30 to 45 days for their services. It is hoped that this measure will finally bring an end to complaints of inordinate delays for payments.
This major achievement for the Secretariat follows previous discussions that were had with the private sector for a 30-day payment period. Following continued discourse, the Secretariat said yesterday that it instructed contractors and sub-contractors to implement an amendment to their five-year Local Content Master Plan.
The updated five-year plan must now include a payment period of between 30-45 days upon the correct receipt of an invoice. This will no doubt allow Guyanese companies timely and appropriate access to contract and payment terms that facilitate competitive funding and expansion.
Importantly, contractors and sub-contractors have shown willingness to cooperate with this new requirement and have already moved to make the necessary adjustments.
Guyanese suppliers who continue to encounter delayed payments are asked to contact the Local Content Secretariat or utilise the Grievance Redress Form via this link: https://petroleum.gov.gy/grievance-redress.
BACKGROUND
Guyana’s Local Content Act prioritises the use of Guyanese nationals and companies in the procurement of goods and services for the enhancement of the value chain of the oil sector.
The Act also serves to enable local capacity development and provide for the investigation, supervision, co-ordination, monitoring and evaluation of, and participation in, local content in Guyana.
The Local Content Secretariat is mandated to ensure that the provisions of the Act are implemented and functions as the regulatory arm for the monitoring, evaluation, coordination and reporting of local content in the petroleum operations of Guyana.
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