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Guyanese must supply 90-100 % of services used by oil companies in 14 categories of work by year end
Oil series Pt. 10
By Kiana Wilburg
Kaieteur News – According to Guyana’s Local Content Legislation, there are 40 categories of services in which oil companies must ensure Guyanese participation. Of that number, there are 14 categories which must see the highest possible participation.
The chart below outlines these areas as well as the 90 to 100 percent target that must be achieved by oil companies and their subcontractors.
The Local Content Act through the use of targets and other mechanisms aims to prioritize 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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